As referenced in my most recent blog, The Oilfield Maze, Christmases are a big deal in my family. Spending the holidays with my grandparents has always meant time around the fireplace, my Grandmother’s green chili soup, and of course, presents.
My grandparents have always given the best presents, even when things with Hanson Energy and the oil industry in general were not going well. As a child, I wasn’t made aware of low oil prices through the news like everyone else. Rather, I learned about a down cycle from my Grandad’s fireside demeanor. As everyone gathered around the fire with smiles on their faces, soaking in the warmth of Christmas, my Grandad’s thoughts were with the families of the three pumpers that he had to lay off a few weeks earlier.
The oil industry is infamous for experiencing major cyclical highs and lows. Most of the public experiences the highs through painfully high gas prices at the pump, and rejoices during the lows as low gas prices lead to fatter wallets.
But that’s not how my family or any other family that has a stake in the oil business sees it. When oil is low, it is usually really low and devastating for oilfield operations and service companies. Layoffs spread far and wide while rigs lay stacked in a yard.
As we outlined in a December blog, Lower Oil Prices Mean It’s Time to Get Serious About Improving Asset Utilization, the upside of a dip in oil prices is the opportunity that it gives companies to become more efficient. With Geoforce’s Track and Trace technology, companies can proactively monitor which assets are not being utilized, the last time they received maintenance, as well as their exact location so that immediate action can be taken. With Geoforce’s Rental Manager, companies can avoid costly billing disputes with customers, saving money, keeping customers happy, and ultimately, generating more business. The companies that take the opportunity during a down cycle to become more efficient are the ones that are not devastatingly affected by the next drop in prices.
Had my Granddad’s company been able to experience the benefits that Geoforce offers oilfield operating and service companies today, he would have had a smile on his face during those down cycle Christmases. With Geoforce, rather than worry about his workers and their families, he would instead have been fretting about the spiciness of my Grandmother’s green chilis!