The document provides an assessment and outlook of the oil and gas industry given the recent downturn in oil prices. It notes that oil markets were imbalanced by just 1-2% but prices fell over 60%. The US drilling industry is experiencing the worst downturn ever with over 100,000 layoffs reported across the industry so far. The recovery is expected to be U-shaped rather than V-shaped as the supply-driven collapse will require a supply-side solution. Key trends discussed include ongoing workforce reductions, international markets holding up better than the US, and companies with high debt levels facing financial hardship.
Steering into the Storm: O&G Economic OutlookWorkforceNEXT
A proverbial 100-year storm has disrupted positive trend lines the O&G industry once took for granted. Understanding the storm’s characteristics and path is essential for survival. High level economic realities of the new O&G paradigm will be explored, with a focus on oil markets, oilfield activity, and workforce trends.
Greetings,
Attached FYI ( NewBase Special 21 October 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• OPEC Is About to Crush the U.S. Oil Boom
• Qatar: Siemens to supply Turbines to Umm Al Houl Power Plant
• UAE: plays critical role in innovating and diversifying energy sources,
• Nigeria to Split Long-Delayed Petroleum Bill to Speed Passage
• Oil prices move higher on weaker dollar, above three-week low
• OPEC Hosts Meeting With Oil Officials From Non-Member States – No cuts
• Climate pledges for COP21 slow energy sector emissions growth dramatically
• Low oil price impact: OFW remittances decline for first time in over a decade
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Mercer Capital's Value Focus: Energy Industry | 3Q 2015 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
For much of the last decade through 2014, the U.S. energy sector expe¬rienced a bull market sustained by debt-financed drilling programs in emerging unconventional plays and supported by elevated commodity prices. U.S. E&P players, particularly the emerging universe of indepen¬dent unconventional operators, required an array of capital-intensive services that led to a boom in the services industry as well: rigs to handle development drilling; engineering services to handle geological surveys; logistics/infrastructure services to gather, transport, and store various hydrocarbons; and refitting of refineries to process increasing volumes of light oil. This wave of capital spending led to innovation in drilling and fracking technology, taking US production from about 6 million b/d to over 9 million b/d and marking the reversal of a decades-long decline in U.S. domestic oil production.
What’s Inside:
- U.S. Crude Production Oil Outlook
- Sector Updates: Last 12 Months in Review
- Capital Spending Trends
- Current State of the Storage Market
Greetings,
Attached FYI ( NewBase Special 10 November 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE pressing ahead with oil projects, betting on recovery
• Oman to cut costs on back of lower oil prices
• Saudia: GE Oil & Gas inaugurates first-phase expansion of 'Made in Saudi' advanced manufacturing facility in Dammam
• Qatar: McDermott awarded EPCI contract offshore
• Indonesia: Husky Energy achieves milestone with Madura Strait BD gas development Malaysia: Lundin Petroleum Spuds Malaysia Offshore Well
• U.S: New biofuels eliminate need for blending with petroleum fuels
• Crude oil rises after OPEC says market to be balanced in 2016
• Oil Supply Outside OPEC to Stagnate by 2020 in IEA Forecast
• Oil price rise seen as industry cuts spending
• Russia’s weak currency has hit consumers hard but helped oil producers
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Steering into the Storm: O&G Economic OutlookWorkforceNEXT
A proverbial 100-year storm has disrupted positive trend lines the O&G industry once took for granted. Understanding the storm’s characteristics and path is essential for survival. High level economic realities of the new O&G paradigm will be explored, with a focus on oil markets, oilfield activity, and workforce trends.
Greetings,
Attached FYI ( NewBase Special 21 October 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• OPEC Is About to Crush the U.S. Oil Boom
• Qatar: Siemens to supply Turbines to Umm Al Houl Power Plant
• UAE: plays critical role in innovating and diversifying energy sources,
• Nigeria to Split Long-Delayed Petroleum Bill to Speed Passage
• Oil prices move higher on weaker dollar, above three-week low
• OPEC Hosts Meeting With Oil Officials From Non-Member States – No cuts
• Climate pledges for COP21 slow energy sector emissions growth dramatically
• Low oil price impact: OFW remittances decline for first time in over a decade
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Mercer Capital's Value Focus: Energy Industry | 3Q 2015 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
For much of the last decade through 2014, the U.S. energy sector expe¬rienced a bull market sustained by debt-financed drilling programs in emerging unconventional plays and supported by elevated commodity prices. U.S. E&P players, particularly the emerging universe of indepen¬dent unconventional operators, required an array of capital-intensive services that led to a boom in the services industry as well: rigs to handle development drilling; engineering services to handle geological surveys; logistics/infrastructure services to gather, transport, and store various hydrocarbons; and refitting of refineries to process increasing volumes of light oil. This wave of capital spending led to innovation in drilling and fracking technology, taking US production from about 6 million b/d to over 9 million b/d and marking the reversal of a decades-long decline in U.S. domestic oil production.
What’s Inside:
- U.S. Crude Production Oil Outlook
- Sector Updates: Last 12 Months in Review
- Capital Spending Trends
- Current State of the Storage Market
Greetings,
Attached FYI ( NewBase Special 10 November 2015 ) , from Hawk Energy Services Dubai . Daily energy news covering the MENA area and related worldwide energy news. In todays’ issue you will find news about:-
• UAE pressing ahead with oil projects, betting on recovery
• Oman to cut costs on back of lower oil prices
• Saudia: GE Oil & Gas inaugurates first-phase expansion of 'Made in Saudi' advanced manufacturing facility in Dammam
• Qatar: McDermott awarded EPCI contract offshore
• Indonesia: Husky Energy achieves milestone with Madura Strait BD gas development Malaysia: Lundin Petroleum Spuds Malaysia Offshore Well
• U.S: New biofuels eliminate need for blending with petroleum fuels
• Crude oil rises after OPEC says market to be balanced in 2016
• Oil Supply Outside OPEC to Stagnate by 2020 in IEA Forecast
• Oil price rise seen as industry cuts spending
• Russia’s weak currency has hit consumers hard but helped oil producers
we would appreciate your actions to send to all interested parties that you may wish. Also note that if you or your organization wish to include your own article or advert in our circulations, please send it to :-
khdmohd@hotmail.com or khdmohd@hawkenergy.net
Best Regards.
Khaled Al Awadi
Energy Consultant & NewBase Chairman - Senior Chief Editor
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME meme since 1995
Hawk Energy since 2010
Is unconventional oil and gas a sustainable game changer?Energy Intelligence
Energy Intelligence's Executive Director and Oil & Money Conference chairman, Herman Franssen chairs "Is Unconventional Oil and Gas a sustainable Game Changer?"
Videos of this session will be available shortly on www.oilandmoney.com.
Mercer Capital's Value Focus: Energy Industry | Q1 2015 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Recent events in the Oil Industry, both at home and globally suggest--demand--a fresh look at the entire field of Oil, Petroleum By-Products, and Energy. Warmest regards, Slim.
EY Price Point: global oil and gas market outlookEY
The theme for this quarter is reprieve. Crude prices rose steadily throughout 1Q19 as OPEC+ reigned in production to counteract the impact of North American production growth. What lies ahead is uncertain, but downward pressures loom over the marketplace.
Mercer Capital's Value Focus: Energy Industry | Q4 2017 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
• US tight oil production and the future oil price
• Dubai:MD and CEO of DEWA receives CEO of First Solar
• UAE's Masdar inks deal to build Mauritania solar projects
• No 'significant' change in Saudi oil policy after king's death
• Algeria:To increase its oil output & renewable energy projects production
• Norway: Det norske commences drilling on the Ivar Aasen field
• Bangladesh:KrisEnergy completes 2D seismic program in SS-11
• India: Energy subsidies prove drain on Indian economy
• Oil producers in US not able to drill at $45 a barrel
• Oil price plunge to boost global M&A activity in 2015, says EY
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Minneapolis, MN.
Quarterly analyst themes of oil and gas earningsEY
As it almost always is, oil and gas profitability was driven by crude oil, refined product and natural gas market conditions in Q2 2019. Oil prices seesawed, rising steadily during the first half of the quarter, falling during most of the second half of the quarter, before rising again at the end.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME 4th Annual Current Trends in Mining Finance Conference in New York, NY.
Energy Industry Report: Energy Perspectives - January 2015Duff & Phelps
This edition of Energy Perspectives provides a recap of industry activity in 2014. Despite fairly consistent falling crude oil prices over the past six months, the industry experienced a record number of oilfield (OFS) M&A transactions for the fourth year in a row, achieving 329 announced transactions in 2014. For more detail on recent OFS trends, public comps and deal activity, read the report.
Is unconventional oil and gas a sustainable game changer?Energy Intelligence
Energy Intelligence's Executive Director and Oil & Money Conference chairman, Herman Franssen chairs "Is Unconventional Oil and Gas a sustainable Game Changer?"
Videos of this session will be available shortly on www.oilandmoney.com.
Mercer Capital's Value Focus: Energy Industry | Q1 2015 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Recent events in the Oil Industry, both at home and globally suggest--demand--a fresh look at the entire field of Oil, Petroleum By-Products, and Energy. Warmest regards, Slim.
EY Price Point: global oil and gas market outlookEY
The theme for this quarter is reprieve. Crude prices rose steadily throughout 1Q19 as OPEC+ reigned in production to counteract the impact of North American production growth. What lies ahead is uncertain, but downward pressures loom over the marketplace.
Mercer Capital's Value Focus: Energy Industry | Q4 2017 | Segment: Explorati...Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
• US tight oil production and the future oil price
• Dubai:MD and CEO of DEWA receives CEO of First Solar
• UAE's Masdar inks deal to build Mauritania solar projects
• No 'significant' change in Saudi oil policy after king's death
• Algeria:To increase its oil output & renewable energy projects production
• Norway: Det norske commences drilling on the Ivar Aasen field
• Bangladesh:KrisEnergy completes 2D seismic program in SS-11
• India: Energy subsidies prove drain on Indian economy
• Oil producers in US not able to drill at $45 a barrel
• Oil price plunge to boost global M&A activity in 2015, says EY
This presentation was given by Joel Schneyer, Managing Director at Headwaters MB at The North American Frac Sand Exhibition & Conference in Minneapolis, MN.
Quarterly analyst themes of oil and gas earningsEY
As it almost always is, oil and gas profitability was driven by crude oil, refined product and natural gas market conditions in Q2 2019. Oil prices seesawed, rising steadily during the first half of the quarter, falling during most of the second half of the quarter, before rising again at the end.
The following presentation was given by Joel Schneyer, Managing Director at Headwaters MB at the SME 4th Annual Current Trends in Mining Finance Conference in New York, NY.
Energy Industry Report: Energy Perspectives - January 2015Duff & Phelps
This edition of Energy Perspectives provides a recap of industry activity in 2014. Despite fairly consistent falling crude oil prices over the past six months, the industry experienced a record number of oilfield (OFS) M&A transactions for the fourth year in a row, achieving 329 announced transactions in 2014. For more detail on recent OFS trends, public comps and deal activity, read the report.
PLG Consulting Appalachian logistics League May 5, 2015PLG Consulting
PLG president, Taylor Robinson spoke on May 5, 2015 at the 65th annual Appalachian Logistics League meeting. Mr. Robinson presentedThe North American Energy Revolution: The Implication for Logistics. The meeting was an opportunity for members to network and discuss the ever changing industry of Supply Chain and Logistics with a primary focus on the impacts to the region.
Carbon Bubble - Making Sense of a "Fossil Market"Timon Henze
This presentation explores the impact of the so called 'carbon bubble' and how recent developments on the fossil fuel markets will influence financial decision making linked to it. The Dynamics of Oil Prices, CapEx, Cost-Investment-Decisions and Reserves is based with recent analyst data. A second part, obviously, discusses political mitigation proposals (divestment, de-subsidizing and extraction banning) and their rationale.
What the drop in oil prices means for the economy and office marketsJLL
Oil prices are below $65 per barrel for the first time since 2009, and energy producers across the globe are starting to panic. Lower prices will likely extend into 2015—bad news for energy companies and the downstream industries that support them, but good news for the U.S. economy and consumers.
We expect demand for real estate in the energy markets to weaken. Landlords and developers will feel pressure to secure and retain occupancy. But, the benefit of sustained low oil prices will fuel (pun intended) retail, residential, industrial and office demand across the United States overall.
Learn more about the energy industry, and our services for companies in the field, at http://bit.ly/1qSz2Li
The sustainability of trading profits has always been questioned. Volatility has returned to pre-crisis levels and, absent more disruption, the size of the opportunity will shrink.
See this week's edition of EY Price Point
State of the Canadian Oilfield Services Industry and 2015 Outlook WebinarMNP LLP
This presentation was part of an online webinar targeted toward Oilfield Services (OFS) businesses. It gives a clear picture of the current state of the OFS industry as well as a forecast for the future, including strategies for taking advantage of forthcoming opportunities and potential challenges OFS operators may face. It also provides an overview of MNP LLP's Oilfield Services team and the assistance we can provide.
Challenging the HR Community to Think in Terms of ROIWorkforceNEXT
Learn how Energy HR Leaders are using ROI to show senior executives and other stakeholders the value of human capital.
Sasol's presentation will showcase:
•By using ROI data proactively to influence and determine investment in HR programs and show HR alignment, contribution, and results in terms of monetary [$] value.
•Speaking the financial language of CFOs and other executives by showing the impact, including ROI, of a variety of HR initiatives.
Workforce Sustainability - Building a Thriving Workforce in a Rebalance EraWorkforceNEXT
The ferocity of declining crude prices caused by global supply imbalances created a market disruption that forced O&G companies to quickly change their operating models to adapt.
O&G HR LEADERS RESPONDED — BUT AT WHAT LONG-TERM COST? HR leaders focused on meeting the requirements of the business with short-term strategies of cost cutting and organizational ‘build down.’ Yet longer- term fundamental O&G workforce challenges loom on the horizon no matter the price of oil.
ENTER THE ERA OF REBALANCING BUSINESS PORTFOLIOS, HUMAN CAPITAL STRATEGIES, AND HUMAN RESOURCE DELIVERY MODELS
HR leaders now drive toward lean, agile, productive, and engaged workforces. As the demographics of the O&G industry prepare for a tectonic shift, human capital strategies must be adaptive to a new workforce reality. This requires an analytics-based, long-term workforce plan, an elastic talent deployment model, and an enterprise-unique solution.
Mercer’s recent global O&G market disruption survey – representing over 250 companies from around the world and across the value chain will explore and answer critical questions to help prepare HR for the rebalance era ahead
•How did HR leaders respond to the 2015 disruption and were those responses effective?
•What approaches are proving most effective to design cost savings strategies that will also preserve the ability to compete in the future?
•What are the human capital challenges in the future and how do HR leaders plan to address future challenges?
•What innovative practices and approaches are on the horizon to further enhance HR,
Talent Acquisition: Case Study PresentationsWorkforceNEXT
Presented by Dora Rodriguez - Manager Corporate Recruiting at Enterprise Products Partners, Kristy Sidlar - Executive Director Human Capital Solutions at Allegis Global Solutions.
General Session: Successful Culture Development & Integration in an Active M&...WorkforceNEXT
Presented by Marty Kunz - VP of HR at C&J Energy, Roger Mosby - VP of HR at Kinder Morgan, Laura Ramey - VP of HR at Crestwood Midstream. WorkforceNEXT Summit. September 30, 2014.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Keynote: Navigating Turbulent Waters - An Assessment & Outlook for the O&G Industry
1. NAVIGATING TURBULENT WATERS – AN
ASSESSMENT & OUTLOOK FOR THE O&G
INDUSTRY
Joseph Triepke Managing Director, Oilpro
KEYNOTE
STRATEGIES & OPPORTUNITIES: MANAGING
IN A TURBULENT OIL & GAS WORLD
2. An Assessment & Outlook For The O&G Industry
Presented by Oilpro.com for WorkforceNEXT - April 2015
Navigating Turbulent Waters
3. A Look In The Rearview Mirror & Crystal Ball
• A small leak sinks a great ship – oil markets imbalanced by 1-2%, prices down 60%
• Sea changes can happen overnight –O&G cyclical inflection is always sharp
• Our lifestyle drafted up & adjusting to the new reality is painful
• US drilling is in midst of the worst downturn ever – US is the new swing producer
• Workforce contracting as we count >100,000 lay-offs with more to come
• $70 oil is the new $100 oil (just as $40- oil is unsustainable, so too is $100+ oil)
• A supply-driven collapse requires a supply-side solution, which means a lag to endure
• An elongated U-shaped recovery seems more likely than a V-shaped recovery
5. Paycuts That Come After Lifestyles Have
Drafted Up Are The Toughest To Swallow
Source: Bloomberg, Oilpro
$0
$20
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Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14
Oil Prices
WTI Spot Price
10-yr Avg
5-yr Avg
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14
Natural Gas Prices
Nat Gas Spot Price
10-yr Avg
5-yr Avg
6. Oil Plain & Simple: A Supply Driven Collapse
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GlobalProduction(mmb/d)
OilPrice
Supply Driven Price Crash...
Brent Crude Price
Global Oil Production
60
65
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0
1
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3
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2000 2002 2004 2006 2008 2010 2012 2014
RestofWorldProduction(mmb/d)
USProduction(mmb/d)
...As US Unconventional Oil Surged
US Oil Production
Rest Of World Production
Source: Bloomberg, BP Statistical Survey, Oilpro
7. Oversupply Crashes Are As Old As Time Itself
• After the Civil War, oil fell from $120 in 1864 to $40
in 1867 (in 2013 dollars)
• During the 1870s, oil prices fell more than 50% twice
in the same decade as speculators overproduced
• In the 1980s, oil prices fell from $32 to $10 as Saudi
adjusted pricing and oversupply fears raged
$5
$10
$15
$20
$25
$30
F-97 J-97 D-97 M-98 O-98 M-99 A-99 J-00
$/barrel
Brent Oil Price
Iconic “it’s hopeless” article
published at the bottom.
Source: The Economist, Bloomberg, Oilpro
9. The Most Important Chart In O&G
0
400
800
1,200
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2,000
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US Oil Production
Oil Rig Count
1,000s Bpd Rig Count
US Oil Production Vs. Rig Count
Source: Baker Hughes, EIA, Oilpro
10. Natural Gas Analogy Predicted Oil Price Fall
But Doesn’t Predict What Happens Next
0
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Oct-14
Nat Gas Daily Production (Lower-48)
Nat Gas Rig Count
Bcfpd Rig Count
US Natural Gas Production Vs. Rig Count
Source: Baker Hughes, EIA, Oilpro
20. The Sharpest US Drilling Collapse… Ever.
Source: Baker Hughes, Oilpro
0
20
40
60
80
100
120
1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86
RigCountIndexedTo100AtPeak
Weeks Of The Downturn (From Peak To Trough)
US Land Drilling Downcycles
1982 (December)
1985 (December)
1997 (September)
2001 (July)
2008 (September)
2015 (December)
19
weeks
(-46%)
in '15
30
weeks
in '08
40
weeks
in '82
72
weeks
in '97
61
weeks
in '85
21. Drilling, 13,400
Equipment,
24,400
Oil Service,
39,100
E&P, 24,100
101k Global O&G Workforce Reductions
(Shown By Segment)
>100,000 Upstream Sector Lay-offs & Counting
Aggregate total for 85 companies shown
Source: Forbes, company filings & Oilpro estimates
• A workforce designed for
$100 oil is not the same one
needed at $50 oil
• Our bottoms-up, company-
by-company analysis tracks
101,000 lay-offs
• Our sample of 85 companies
is comprehensive but leaves
out thousands of smaller
O&G companies
• Workforce readiness
questions may start to arise
22. First Pass: NAM E&P Capex Slashed 33%...
Aggregate total for 50 NAM Independent E&Ps shown
Source: Company Filings, Bloomberg, Oilpro
$0
$20
$40
$60
$80
$100
$120
$140
$160
2007
2008
2009
2010
2011
2012
2013
2014
2015E
AnnualSpending($Billions)
Independent E&P Capex
-39%
+9%
-33%
23. …But Rig Count Implies A Cut Closer To 50%
Data Input Sources: Spears, Halliburton, Baker Hughes, Oilpro estimates
• 1 working land rig = $75 million per year in Drilling & Completion (D&C) spending
• 2014 average rig count 1,800 * $75 million = $140 billion D&C market size
• Our best guess: the US will average about 1,100 land rigs working this year
• 2015 average rig count 1,100 * $75 million = $83 billion D&C market size
• Add in deferred completions and the US drilling & completion market could by
shrink upwards of $65 billion in 2015, close to a 50% spending reduction
• Expect more capex reduction announcements, and more competition for D&C work
24. Watch High-Cost Non-OPEC Projects
Globally For Delays & Cancellations
• We have already seen a huge impact in the US shale plays
• Other non-OPEC projects high on the cost/barrel curve will be delayed and or
cancelled this year
• High risk areas include:
– GTL projects
– Eastern Siberia’s untapped resources & marginal Russian fields
– Oil sands & heavy oil projects
– Arctic drilling
– International shale
– Ultra-deepwater and deepwater globally, particularly areas like Mexico (new with heavy
exploration risk), Brazil (cost disadvantage b/c of local content), and some parts of West Africa (ie
pre-salt Angola)
– LNG – collateral damage as a 50% drop in crude suggests a Far East LNG price of $8/MMBTU vs.
$9/MMBTU production / transport cost from the US to Japan
25. The Storm Is Reshaping The O&G
Workforce – 7 Key Trends
26. 1. Worst Case Scenario: A 1980s Re-run
0
50
100
150
200
250
300
350
400
450
500
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995
ThousandsofEmployees
Over 1/2 Of US O&G Jobs Were Lost In The 1980s Downturn
A 50% decline
in workforce over
5 years….
…was followed by a decade
of stagnation
Source: Bureau of Labor Statistics, OGJ, Oilpro estimates
27. 2. Workforce Reductions Will Be Ongoing;
Future Workforce Readiness A Concern
• Companies are managing quarter-to-quarter due to lack of visibility
• Companies have cut spending for a $65-$75 oil price world
• 2-year strip suggests a $60-$65 reality and may be optimistic
• Absent a V-shaped rebound, operational scale will continue to ratchet
down – field cuts first, SG&A (mgmt. and execs.) cuts coming next
• FMC Tech told investors a week ago that their layoffs were deepening
• Basic Energy Services is an example of ongoing workforce reductions:
– January: 7% laid off
– February: 10% laid off
– March: 14% laid off
– April, May, June: ????
28. 3. International Workforce Likely To Hold
Up Better Than The US
0
20
40
60
80
100
120
140
160
180
Mar-05 Mar-07 Mar-09 Mar-11 Mar-13 Mar-15
RigCount(Indexedto100inMarch2005)
International Cycles Are More Muted Than In The US
US Land Rig Count
International Rig Count
Trend Line
Source: Baker Hughes, Oilpro
The US overshoots cyclical highs and
lows more than the int’l average,
resulting in more pronounced US
workforce expansions and
contractions.
29. 4. When The Tide Goes Out, You Learn
Who Has Been Swimming Naked
-$8Bn
-$6Bn
-$4Bn
-$2Bn
$Bn
$2Bn
$4Bn
0 1 2 3 4 5 6 7
2014FreeCashFlow(CFO-Capex)
Years To Pay Off Debt (All 2015 EBITDA Paid To Creditors)
Financial Health Of NAM Independent E&Ps Less Than Ideal For A Downturn
Bubble size represents total O&G production (MBOE/D)
Blue datapoint is the average company profile
Saving Money
Burning Cash
Summary Statistics:
- 60 companies in sample, only 5 were FCF positive
- Together, the 60 names produce 11.5 MBOE/D
- In total, they outspent 2014 cash flow by $50 bn
- On average, their net debt to 2015 EBITDA is 2.6x
SAFE ZONE
DANGER ZONE
Source: Bloomberg, Oilpro
30. 5. Growing “Fracklog” Means Sharper
Slowdown In Completion-Related Positions
• EOG: “We'll exit 2015 with 285 uncompleted
wells in some of the best parts of our
properties.”
• Anadarko: “In the Eagle Ford, we’ll drill 100
wells for inventory that we can frac when
prices change.”
• Apache: “We are delaying the completion of
some wells in backlog until costs reset.”
• Chesapeake: “We will build inventory of
uncompleted wells in the Eagle Ford.”
• Core Labs: “Fewer stages are being
completed at this point.”
Ancillary
Drilling, 25%
Drilling Rig,
10%
Stimulation,
50%
Ancillary
Completion,
15%
Typical Horizontal Well Cost Breakdown
Shows Why DUCs Increase In Downturns
Source: Oilpro estimates
31. 6. Turning Rigs To Razor Blades Means
Shuffling The Offshore Drilling Workforce
• Transocean has announced the scrapping
of 16 older rigs
• Diamond Offshore has announced it will
scrap 6 midwater semis
• Noble Corp is scrapping 3 deepwater
semis
• ENSCO: “40 30-year-old floaters see
contracts expire this year – they are
scrap candidates, and industry scrapping
trend will continue into next year.”
0
50
100
150
200
250
1960s 1970s 1980s 1990s 2000s 2010s
NewbuildsDelivered
Offshore Rig Fleet Age Profile
Floaters
Jackups
Scrap Candidates
Source: Wall Street research, company filings, Oilpro estimates
32. 7. M&A Activity Will Pick Up
• Plenty of good opportunities in the scorched earth of US shale
• Look for frequent smaller deals and a few large ones
• Bottom tier E&Ps will struggle in new environment, to become take-out candidates
• Majors, NOCs, Private Equity will all be looking at the US independent E&Ps
• HAL / BHI encourages more consolidation in oilfield services
35. $50 Oil Solves Some Operational Challenges
• War on talent fading
• Its an employer’s market
now
• Labor cost inflation gone
• Less temporary housing
• Lead times for key
equipment and
consumables falling
• Risk of overbuilding fading
• New entrants slowing
Busts Are Tough,
But Booms Aren’t Easy Either
36. The “We’ve Always Done It This Way” Pitfall
• $100 oil status quo doesn’t cut it at $50 oil
• The industry is known for its habits
• Surviving and succeeding now require
questioning everything
• Industry must undergo a structural re-
tooling to drive cost/barrel down
• New ways of doing things and new
technologies must be considered
37. Niches That Can Thrive In A $50 Oil World
• Technology, integration & collaborative workflows that
reduce the cost of a barrel will gain traction
• New teams forming across non-traditional groupings
• Mature fields have a low-cost-barrel advantage
• Midstream & US oil storage capacity build out growing
• Production-related services to stay busy (EOR, well
maintenance / servicing, re-fracturing old wells)
38. Final Thoughts
• Operating costs are the problem today, but workforce readiness will be the problem
tomorrow
• $70 oil is the new $100 oil – just as $40- oil is unsustainable, so too is $100+ oil given
the “flip the switch” factor on US oil production at $100 oil
• Elongated U-shaped recovery more likely than a V-shaped rebound
• Industry is recalibrating & will continue to re-tool for several years
• Layoffs & capex cuts come first, but new workflows, technologies, & teams are needed
• Opportunities exist for creative companies – lowering the cost per barrel is critical, it is
an employer’s market now, revisiting mature fields is a big opportunity
• Recovery roadmap: Watch O&G equities, US oil production & storage data, 1Q EPS
conference calls in April, and the June OPEC meeting results
39. Questions / Contact Info
• Questions about these trends and other O&G
issues can be posed to an engaged community of
industry professionals at Oilpro.com/questions
• You can connect with and contact Joseph Triepke
at Oilpro.com or by email at jtriepke@oilpro.com
40. About Author: Joseph Triepke
Managing Director, Oilpro.com
Joseph Triepke is a finance professional with a decade
of upstream experience.
As an energy investor and analyst for institutions like
Citadel, Guggenheim, and Jefferies, he focused on
O&G industry research and analysis.
Today, he is Managing Director at Oilpro.com where he
oversees content created by the community and
publishes his own research on oil services, equipment
and drilling.
Joseph earned a Bachelor’s of Business Administration
in Finance from UT Austin with Honors in 2004, has
successfully completed 2/3 CFA examinations, and
currently resides with his wife in Dallas, TX.
42. Recovery Roadmap – 7 Near-term
Indicators To Monitor
1. US production & oil inventory data – Wednesdays from EIA
2. Permian, Bakken, Eagle Ford oil production trends – monthly from EIA
3. 2Q14 EPS season – mid-April company conference calls are key
4. June OPEC meeting
5. M&A picking up this summer
6. Recapitalization: borrowing base revisions, new debt & equity issuance
7. O&G equities – the stocks are great indicators & reflect conditions 6 months ahead
43. 7 Unanswered Questions To Contemplate
1. With lay-offs ongoing, will the workforce be capable of offsetting production declines?
2. Is the oil price collapse enough to shut-in production at the highest cost fields?
3. What shape will the US oil production response ultimately take?
4. How long will it take for non-OPEC production to fall enough to neutralize the
supply/demand imbalance?
5. Will new realities eventually change the independent E&Ps’ access to capital?
6. How will governments respond (ie new policies to attract investment, time to rethink tax
and incentive structures)?
7. What role will OPEC ultimately assume if the price protection regime is dead?
44. Opportunities In Conventional Resource Plays
Source: Oilpro research, Schlumberger
Number Average Year Percent Of
Nation Of Fields Of Discovery Nation's Output
Saudi Arabia 7 1955 85%
Iraq 3 1951 66%
Iran 5 1949 75%
U.A.E. 5 1963 85%
Venezula 6 1934 >80%
Kuwait 2 1950 75%
Qatar 3 1956 80%
Libya 3 1963 70%
Average 1953 77%
OPEC Reliance On Aging Fields
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
0
2
4
6
8
10
12
14
Saudi Russia US
NumberofWellsDrilled
Production(MMbpd)
2014 Liquids-Related Activity
Wells Drilled (# wells & sidetracks) Production
45. 30 OPEC Fields 60 Years Old On Average
Deliver 2/3rds OPEC Production
Source: Oilpro research
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
[CELLRANGE]
0%
10%
20%
30%
40%
50%
60%
70%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1917
1927
1928
1938
1938
1940
1941
1948
1950
1951
1953
1955
1957
1957
1957
1958
1960
1960
1960
1961
1962
1962
1963
1964
1965
1966
1968
1970
1973
1980
Cumulative%OPECProductionCapacity
DailyProduction(000sb/d)
Year Of Field Discovery
OPEC's Aging Elephants
Field Production Capacity
Cumulative % OPEC Production Capacity
46. Don’t Count On The Curve
Source: Bloomberg
$40
$45
$50
$55
$60
$65
Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17
WTIOilPrice
Given Bearish WTI Vacuum, Forward Curve May Be Too Optimistic;
Management Teams Seem To Be Taking It At Face Value