RigUp’s Offshore Technology Conference Takeaway

Earlier this month, I spent my evenings enjoying the 50th annual Offshore Technology Conference. The conference was an amazing opportunity to network, and learn about upcoming equipment and technology set to shape the future of the oil and gas industry.

Earlier this month, I spent my evenings enjoying the 50th annual Offshore Technology Conference. The conference was an amazing opportunity to network, and learn about upcoming equipment and technology set to shape the future of the oil and gas industry.

During the evening attendees and I enjoyed numerous networking events. Events from notable titans of the industry to newcomers unveiling groundbreaking ideas. I also attended private events, which are staples of the OTC.

During the daytime, I walked the massive showroom floor. The trade show itself could not be contained by Houston’s NRG Center. Trade show booths spilled outside of the main center and into the huge parking lot, causing formal meetings to be held in the actual NRG Stadium.

The majority of attendees, especially exhibitors, were industry manufacturers. However, E&Ps and service companies littered the showroom floor. E&Ps and service companies frequently noticed my company shirt. On several floor occasions, I was stopped to chat about RigUp. They all mentioned great things about our amazing business model and sterling reputation. I was happy to hear that so many people respected RigUp; however, after speaking with everyone, I noticed a consistent theme. Many companies still only know RigUp for a bidding and procurement platform. They were surprised to hear about RigUp’s dominance in the contingent labor space, and potential to solve their company issues.

The overarching problem in this industry is labor: finding the right hands for the job.

RigUp solves this issue for our partners through our technology.

RigUp opens the door to over 11,500 contractors all over the L48. Conferences and like events continue to be great opportunities for RigUp to evangelize our technology and services to the organizations that employ the people that power the world.

If you’re interested in learning more about RigUp, please visit RigUp.com and create a free account today.

Watch: RigUp CEO Xuan Yong talks with Houston energy investment firm Tudor, Pickering, Holt & Co.

Houston Energy Investment Firm Tudor, Pickering, Holt & Co. Host RigUp for CEO Luncheon Series

A few weeks ago, RigUp CEO, Xuan Yong, was invited to Houston to sit alongside Tudor, Pickering & Holt’s CEO Maynard Holt for their CEO Luncheon Series. 

Through market research reports and consistent early insights, Maynard Holt has helped position the firm to be a major thought leader in energy finance sector.

Check out Xuan and Maynard discuss how pushing tech energy has led RigUp to become the largest provider of contingent labor in the lower 48.

RigUp empowers the men and women who power this world.

If this applies to you, visit RigUp.com to learn how we can help.

5 Key Takeaways from the 2016 Wharton Energy Conference

 

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RigUp attended the Wharton Energy Conference in late October 2016, and we noted a few key insights that will undoubtedly follow the industry into 2017.

RigUp’s CEO and Co-Founder, Xuan Yong led an Upstream Panel that included David Keyte, Founder of Caerus Oil & Gas; James Obulaney, Vice President at Denham Capital; Vidisha Prasad, Managing Director of Guggenheim Securities’ Energy Investment Group;  Jerry Schretter, Managing Director and Co-Head of Upstream at Citi; Tom Tyree, Co-Founder, President, and CFO of Vantage.

A few questions from this panel included: What opportunities exist for mergers and acquisitions in the Upstream space? What assets are economic at $40 a barrel? When do non-core areas of U.S. shale gas come back to play? What’s the outlook for International shale, deepwater, oil sands? What are the ramifications for spending deferral in E&P?

Here are our 5 Key TakeAways from the Wharton Energy Conference: 

#1) The current down cycle has separated winners from losers. Independent E&Ps with quality acreage alongside best in class technologies have grown stronger. While culturally backwards E&Ps have become weaker.

#2) Super major oil companies are valued at a discount relative to leading independents (even in lower commodity prices).

This had made it extremely hard for super-majors to act as consolidators in the down-cycle. Leading independents have used their premium valuations in the public market to capitalize on further acquisitions strengthening their positions.

#3) Leading management teams in “shale” will be statistically driven.

No one drills “dry-holes” anymore. Binary outcomes made winners and losers in a “conventional” E&P world historically. Winners and losers are now made by running leaner and more sophisticated with operating leverage built into an E&P company’s business model.

#4) More distributed teams operating closer to the field. Where as Houston, Texas has historically been the center of E&P headquarters, we are observing a resurgence of E&Ps locating key engineering managers to locales closer to the asset base. Pittsburgh, Denver, and Midland are becoming more relevant than ever.

#5) L48 and North America in general are becoming the swing producer of hydro-carbons. It’s more than just energy independence, it’s energy prowess in the global world.

In summary, it should be no secret that the next up cycle will be dominated by a new class of nimble and sophisticated independent E&Ps.

RigUp can help E&Ps keep up and outpace their competition. Sign up for FREE today!

Questions? Comments? Contact lindsey@rigup.com or visit www.rigup.com to learn more.