Employees of RigUp – Ashley Kus, Customer Success Representative

RigUp’s mission is to empower the men & women who power the world. Fulfilling this mission would not be possible without our stellar team.

Today RigUp is highlighting one of our hard working customer success team representatives, Ashley Kus.

What is your role at RigUp?

I’m a member of our Customer Success team.

What does a typical day look like for you?

Similar to the oilfield, I would say RigUp doesn’t have a typical day. It’s ever-changing depending on our clients’ needs. Most of my days include heading out to field offices or headquarters to demonstrate how RigUp can provide value to our clients and teaching folks how to use our platform so they can cut the paper-pushing and inefficient processes out of their work day and focus on what’s important.

Why do you enjoy working in the oil and gas industry?

I grew up in a small town on a farm, and later moved on to the automotive industry for a few years, and now I’ve found myself in oil & gas. It’s become clear to me that I have a passion to work alongside the people that I respect most, that are the hardest workers I know and aren’t afraid to wake up before the sun. Luckily for me, I get to work with those people every single day, whether I’m in the office downtown Austin or traveling through West Texas.

What are 3 words to describe RigUp?

Family; transparent; dedicated.

What do you enjoy most about your job?

I love that with my job I am able to be transparent and honest about what RigUp offers and what we can do to help. There’s never gray area or hidden details, it’s just straight-up, this is how we can make your life easier. I truly believe in what we do and that it’s better than anything out there, and that is what makes me excited to get to work each morning.

What is your proudest moment (or moments) at RigUp?

I’m proud of the relationships I’ve made the past nine months here. The people I talk with every day are truly a joy to hear from and it goes deeper than just the services that we provide.

Why do you recommend more people switch to RigUp?

Switching to RigUp goes beyond just making more money. RigUp is easier, faster, WAY more transparent, and I’m willing to argue – more friendly than what anyone else out there is offering.

Ashley is one of the many hard working employees at RigUp. The RigUp team agrees with Ashley, that we enjoy working here because we are “able to be transparent and honest about what RigUp offers and what we can do to help. There’s never gray area or hidden details, it’s just straight-up, this is how we can make your life easier.”

RigUp goes beyond just making more money. If you are working, click here to sign up and connect with a representative, like Ashley, to discuss how RigUp can help you.  If you’re looking for work, please sign up for a free account at RigUp.com

How RigUp is Silencing Skeptics with Industry-Leading, High-Efficiency Tech

Technology in oil and gas is a bit of a paradox.

While the industry is often stereotyped as change-averse or traditional and slow moving, it would be misleading not to acknowledge how much has changed in recent years. New seismic mapping technologies, horizontal drilling, fracking, robotics, and even solar technologies have all vastly altered the landscape of the energy industry.

The same factors that typically drive innovation — non-productive time, competition, and new capabilities in other industries — are all more present than ever before in oil and gas. In fact, new technology coupled with lower oil prices have exposed non-productive time in certain outdated, old-school business practices.

  • Pressure to drive down costs are increasing. Inefficiencies can’t hide under profits anymore.
  • Engineering operations have outpaced internal administrative systems
  • There’s not really a “shortage of labor”. Systems are outdated and the process is broken.

In an industry with volatile prices and unpredictable external factors driving supply and demand, cost management is crucial.

RigUp’s focus is managing labor market costs and providing scalability for exploration and production (E&P) companies, and oil and gas services companies.

Historically, the oil and gas labor market was fragmented, getting crews together was expensive and time-consuming, and variable labor costs were increasingly appearing as a top 10 category spend.  

Traditionally, E&P and services companies hired consulting firms and boutique agencies to manage contingent labor, e.g. contractors. These consulting firms would call around, looking for individual contractors when they needed to stand up a crew. Dispatching services were chained to a slow, time-consuming and expensive process.

The slow-cycle pain points became especially clear when shale took off. Frac jobs are often planned and started within a matter of weeks. Efficient labor sourcing and placement is a requirement.

Our current workforce inefficiencies scenario is reminiscent of the pre-Uber ridesharing market, or the vacation rental market before Airbnb.

Contractors and buyers are currently being forced into disparate agreements because the market is fragmented and often limited to who has executed the Master Service Agreement and who is on the Approved Vendor List. By aggregating oilfield service providers into one platform, RigUp helps facilitate a streamlined process for the industry – work with whoever, whenever.

RigUp’s marketplace increase transaction efficiencies for both buyers and sellers. On average, RigUp saves operators about 25% on variable labor costs, and we can help operators source and scale up to 3x faster than traditional methods. By using our industry-tested technology to place independent contractors, get them properly vetted, and get them on location faster, our users no longer need to dedicate precious time and money on outdated and error-prone human resourcing departments and consulting firms.

Contractor Compliance

RigUp sets a standard protocol for contractor compliance, making it safer to manage labor while maintaining a scalable flexibility.

Individual contractors are properly vetted on client specifications, and our proprietary platform tracks these requirements. Additionally, RigUp’s growing community provides social proof, similar to LinkedIn endorsements or Uber driver ratings.

On the flip side, contractors can make more money (they save a substantial amount from lower insurance costs), and they get paid faster.

We’re now the largest provider of these services to the market. Our next goal is to deliver an even better experience for both buyer and seller. The energy industry is at a tipping point, and RigUp is leading that push forward.

To learn more about how RigUp can help your company source and scale labor more efficiently, please visit RigUp.com.

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.

Certification Tracking for Oilfield Contractors

As the price of oil and rig count gradually increase, we see the demand for well qualified and low-risk labor steadily follows in sequence. However, when ramping up personnel to stay in stride with operations it is essential to ensure your company is hiring an experienced, compliant workforce.

One speed bump in this process is that operators are typically restricted to hiring vendors only from their approved vendor list. But what exactly does that process look like?

Years ago, we learned that the majority of the industry is managing vendors through winded spreadsheets or clunky out-of-date software. This led corporations to pay thousands of dollars for a glorified filing cabinet that spit out a letter grade for each vendor. The red flag with these systems is that vendors are being graded on a company scale, but the work is being performed on an individual basis. So, how does a supervisor ensure that each individual of a contract workforce is properly vetted?

With RigUp, the solutions are automated and simple. Contract labor sourced through the RigUp platform ensures a full 100% compliance with operator specifications. RigUp users are empowered to oversee and ensure that each individual approved to work on location has the most up-to-date training and certifications. And never miss a step with our proprietary automated workforce updates. Rest easy knowing that every hire is the right hire.

Certification tracking also provides advantages for hiring managers looking to onboard experienced, certified personnel. For example, a hiring manager on RigUp has the ability to filter the marketplace by specific certifications, such as well control certification, Safeland, SafeGulf or RigPass. The RigUp Contractor Marketplace ranks and promotes only the most certified individuals in your labor search.

At RigUp, we provide the best experience for hiring managers by populating our marketplace with A+ service providers. In this environment, service providers are empowered to get greater visibility through highlighting their qualifications and certifications on the RigUp platform. The individuals who boost their profiles through this medium are the same ones who are getting the calls, interviews and new jobs.

If your company is currently hiring, check out the RigUp Marketplace to how easy it is to find local, qualified oilfield consultants and contractors.

 

Quantum Energy Partners and Global Reserve Group Lead $15.8 Million Funding to Support Next Phase of RigUp’s Growth

Using their proprietary software, RigUp has built a powerful digital platform where buyers and service providers can easily connect and transact on a full range of oil field services. Hailed as “the emergent Uber of the oilfields” by Forbes magazine in 2017, RigUp has seen rapid adoption from operators across the country who are relying on the company’s services to complete projects on time and under budget with reduced administrative tasks.

RigUp’s oilfield network platform — which has quickly grown into the largest of its kind — enables buyers across the United States to streamline transactions and efficiently scale on demand by providing them access to 22,000+ service providers across 100+ service categories. Service providers spend less time looking for their next job and more time working projects, taking home up to 20 percent more pay and getting paid more quickly.

The power of RigUp’s technology and their creative business model stands out in the current environment where E&P companies are showing increased enthusiasm and adoption of digital solutions. 

-JEFFREY HARRIS
VENTURE PARTNER, QUANTUM ENERGY PARTNERS;
FOUNDER, GLOBAL RESERVE GROUP

“Everything we’re doing is to help our service providers get more work and make more money,” said CEO and co-founder Xuan Yong. “Our service model continues to grow nicely every month. We’re excited to reach this milestone as a company and have Jeffrey Harris and the team at Quantum Energy Partners join us as investors. We are also pleased to welcome Napoleon Ta from Founders Fund to our board.”

“RigUp has identified an extremely attractive segment of the oilfield service market providing energy companies and their independent contractors a modern platform for coordinating their needs,” said Jeffrey Harris. “The power of RigUp’s technology and their creative business model stands out in the current environment where E&P companies are showing increased enthusiasm and adoption of digital solutions. We expect that the experience, network and resources of Quantum and Global Reserve should help accelerate the company’s growth.”

About RigUp

RigUp empowers the men and women who power the world. Founded in Austin, Texas, in 2014, RigUp’s marketplace is transforming the energy industry by seamlessly connecting service providers with buyers to get the job done — whenever, wherever. For more information on RigUp, please visit rigup.com.

About Quantum Energy Partners

Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $15 billion in equity commitments since inception. For more information on Quantum, please visit quantumep.com.

About Global Reserve Group

Global Reserve Group is led by Jeffrey Harris who established the advisory and investment firm in 2012 following a 29-year career at Warburg Pincus. As a senior partner at Warburg Pincus he had a long history of successful investing in technology companies and was also instrumental in creating and building the firm’s global energy practice and directly overseeing several billion dollars of equity investment in numerous successful oil and gas-related ventures such as Antero Resources, Bill Barrett Corp., Electromagnetic GeoServices A/S, Kosmos Energy, Laredo Petroleum, and Spinnaker Exploration. For more information on Global Reserve Group, please visit globalreservegroup.com.

Media Contact:
Carly Curran
press@rigup.com

Expert Q&A: RigUp sits down with WoodMac’s R.T. Dukes

Where do we go from here?

As we progress through a volatile 2Q, we’re sitting down with one of the most well regarded E&P analysts on Wall Street to discuss the state of the North American upstream industry.

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RigUp: M&A in the Permian Basin remains a hot topic. This quarter we’re starting to see majors or larger E&Ps like Exxon and Marathon making sizable acquisitions in West Texas. Is this a signal that the consolidation is coming to an end? What do you expect in terms of M&A in 2Q 2017, particularly as it relates to the Permian Basin?

R.T. Dukes: There will be more, but there aren’t a host of companies looking to exit like there were 18 months ago. We’ll continue to see deals, but the next wave of consolidation will happen over a longer period and will be when economies of scale begin to matter. Add up guidance from many of the top operators, and it might be sooner than we think.

RigUp: Wall Street has dramatically increased Capex estimates for the back half of 2017 and into 2018. Based on your basin by basin analysis, is North America going to exceed production expectations for the year and if so, is that bearish for the commodity markets?

R.T. Dukes: That’s dependent on your expectations! With that, we’re on track to surpass the 2015 peak in oil production near the end of 2018. I suspect that probably outpaces what most people thought would happen. Of course, that could all change to be lower or higher if prices decide to settle closer to $40 or $60.

RigUp: Are we in a world now that should be focused on the “Call on Permian” instead of the “Call on OPEC”? Or is that still wishful thinking and posturing?

R.T. Dukes: The Permian is a significant player on the global stage, but it’s not big enough to single handedly suppress prices for a long time. It will create problems in years that demand growth slips or when global supply outperforms. That will cause year to year problems, but in the long-term, it’s not the sole price setter.

RigUp: Given the strength in production growth in West Texas, there’s some scuttlebutt that we’ll run into takeaway capacity issues starting later this year. What are your thoughts?

R.T. Dukes: We definitely could, but the pipes are on the way. We don’t expect any prolonged blowout in prices due to takeaway capacity. The problems are intra-regional and on the other side of those long haul pipes. Many of the major producers plan to produce so much they need to think about who their buyers are and securing demand for their production.

RigUp: Shifting conversation about takeaway capacity to the Northeast, what are your thoughts on basis differentials in the Northeast? How big of an impact is Rover Phase 1 going to have on the market? Do E&Ps adopt an even more aggressive productive behavior thereafter?

R.T. Dukes: It’s not just Rover, but the other pipes that will add Northeast connectivity too. Add all the projects together and the region looks set to have excess capacity for a few years post 2018. As a result, producers are going to realize prices that are much better than what they’ve seen in recent history.

RigUp: For the last 6 months, the industry has been talking about “core natural gas wells” having been drilled and completed already. What’s your opinion there?

R.T. Dukes: We’ve seen high grading to the highest degree over the past couple of years with oil and gas prices seeing cyclical lows. That is changing on the oil side as operators are already stepping out, but there’s still a big inventory of core natural gas wells that have yet to be drilled. Above $3 natural gas, we’ll see more drilling outside of just the Marcellus and Haynesville.

RigUp: RigUp’s marketplace has seen the market visibly tighten for frac for 1Q this year. In some cases, based on geographical and technical requirements, there’s no spot availability until June 2017. What’s your perspective on the medium-term and long-term supply / demand for frac horsepower in North America?

R.T. Dukes: Costs are going up! The jobs are bigger, and we’re going to need more HHP than we had in 2014. Barring a price shock to the downside, we’ve probably seen the lows in completion costs and the name of the game is back to managing those costs. The industry seems to underestimate how big those swings can be, and we’ll need new horsepower sooner than most believe.

RigUp: Could you go into further detail concerning completion design strategies that E&P companies are deploying currently?

R.T. Dukes: Bigger has been better, but we’re starting to see that normalize. We’ve seen diminishing returns in certain areas as operators use more than 1,500-2,000 pounds of proppant per foot. While proppant and completion prices were low, operators had the luxury of pushing the limits. Now that costs are going up, we expect we’ll hear talk of more efficient completions utilizing the right amount of proppant, water, horsepower, etc.

RigUp: Specific to oil and gas technology, what’s the current state of the industry and their willingness to modernize? At RigUp, we’ve been blessed with a strong contingent of supportive and transformational companies that have championed our adoption. But at the same token, we’ve been told by certain operators that the internet just won’t work in oil and gas. What’s your take? Will the technology adopters win?

R.T. Dukes: I’ve seen it my entire career covering oil and gas: “If it ain’t broke, don’t fix it.” We’ll always have companies like that as long as they can capture reasonable margins, but we’re not in a world where anyone expects $5 natural gas or $100 oil. The potential margin just isn’t as big as it was. A lot of people believe we’ve already cracked the code, and everything here will be small gains. The problem with not worrying about small gains today is they add up to big savings over time. Technology is as important as ever, and I suspect those companies that are avoiding tech are much more likely to be the next casualties of the shale revolution.

To learn more about Wood Mackenzie, visit woodmac.com.

To sign up for a RigUp account for free, visit rigup.com.

RigUp’s 2016 Year in Review

We started RigUp over two years ago to build the premier marketplace for oilfield services. Our product began as a mobile app for the field and has grown into the best-in-class procurement, compliance, and vendor management solution for the upstream industry.

We believe that through technology, E&P companies and service providers can connect and execute operations more efficiently and effectively. Proper stewardship means a safer environment and American energy independence. Over 150 E&Ps believe in our mission and goal and we are grateful for their support.

In 2017, we will continue to enhance our product offering to meet the needs of our users – some new features include streamlining the MSA process, eliminating the industry’s outdated “procure-to-pay” workflow, and ensuring 100% environmental and safety compliance across the service provider network. Clients have asked and we’ll continue to deliver. Look out for roll-outs of features that simplify the procurement of integrated services. We’re ready to show off our launch of bundled and packaged solutions utilizing various work scopes within a project.

It’s been a year of hard work for our team but the successes have been well worth it. Here are some highlights from the past year. We look forward to delivering you our very best in 2017 – stay tuned!

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Wall Street Journal      Bloomberg      Austin Business Journal      Redburn

Bidding & Procurement Using RigUp – 5 Ways Cabot and Silver Creek Succeed

In the last year, we have made significant improvements to our product to enhance usability for engineers, procurement professionals, and compliance managers within our online marketplace. RigUp has earned praise as “the best-in-class bidding & procurement solution for oil and gas.” While still keeping true to our core mission (helping operators and service companies connect more efficiently), we have listened intently to all user feedback, and continue to perfect and mold the platform to meet the needs of our ever growing user base.

To illuminate some of the changes that have taken place over the past year, RigUp turned to a few of our early adopters, Cabot and Silver Creek to analyze the impact. In our analysis, jobs were compared only if their work scope, location, and job requirements were identical from last year to this year.

Quote_Cabot Oil & Gast Corporation

Bidding & Procurement quote

As RigUp introduced more powerful bidding and procurement features such as bid templates, E&Ps and service companies alike have benefitted. For example, both E&P companies showed a significant increase in the number of unique service companies who submitted bids to win the work. Silver Creek had a 27% increase in submissions and Cabot saw well over double the amount of bid submissions over the span of one year. In addition, both E&Ps showed significant improvement in bid submission rates.

Bidding & Procurement Improvements

Despite WTI crude prices increasing 33%+ during the same time frame, Cabot saw costs savings ranging from 14% to 32% on RFQ’s year over year for identical job work scopes. These requests included coiled tubing unit packages, isolation tool work (well intervention), wireline pressure control equipment, coiled tubing motor and mill packages, and workover rig jobs.

Cost Savings Improvements

Silver Creek also saw cost savings of 9% on the same jobs over a similar year duration. The jobs being compared in Silver Creek’s analysis involve completion systems and well intervention by means of running new tubing on all wells with a liner hanger, liner-top packer, and toe-sleeve to test the liner prior to fracturing operations.


5 ways Silver Creek and Cabot leveraged RigUp to improve efficiency & reduce costs:

  1. Sourced more and new vendors through Open Market Bidding.
  2. Tapped into the power of RigUp Bid Templates to allow for apples to apples comparisons.
  3. Took advantage of RigUp’s permission settings and messaging functionality to make it easier for the technical owner and the purchaser to execute an RFQ much faster while maintaining security and transparency.  
  4. Utilized RFQ Reports which allowed for streamlined analysis of multiple bids – allowing Cabot and Silver Creek both to bid to more vendors.
  5. Awarding work and assigning call positions provided a clear call-out structure for their company men in the field.

To learn more about RigUp and sign up for FREE, visit rigup.com or give us a call at 512-501-5452.

5 Key Takeaways from the 2016 Wharton Energy Conference

 

logo      phili3

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.

Consultants make more by contracting through RigUp

Oil and gas contractors have historically been represented by consulting firms that collect resumes and bring them to the offices of the E&P. Through RigUp, the oilfield’s online marketplace, oilfield consultants can now complete a single application within minutes that presents their experience to even more E&Ps.

RigUp’s operator network spans over 150+ E&P companies. These E&Ps utilize RigUp’s bidding and procurement platform to find various oilfield services, some of which they will subcontract through RigUp. RigUp subcontracts work to consultants with day rate and work acceptance agreements all occurring on the online platform. 

Utilizing its best in class technology and a premier insurance program, RigUp can subcontract at rates of 5-10%, which are significantly less than the traditional industry average (typically ranging from 15% to 25%). For example, an independent Mud Engineer at Parsley increased his day rate that ultimately saved him tens of thousands of dollars.

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Oilfield consultants who have switched to securing work through RigUp have made an additional $170,000 in annualized earnings given RigUp’s industry leading take rates.

The platform goes even further by supplying a compliance and labor manager tool for the E&P. RigUp’s Labor Manager provides an automated compliance platform that allows E&Ps to successfully onboard and manage their consultants seamlessly. Each consultant is personally screened and ready to go within a single business day. RigUp allows for real-time HSE monitoring of the contingent labor workforce, all available at the operator’s fingertips.

Select oilfield consultants for the job

Specify Training Requirements

RigUp has created a platform that allows oilfield consultants to showcase their experience in the industry directly to the E&P company. That said, RigUp has changed the dynamic between E&Ps and consultants for the better. Consultants are exposed to additional work opportunities while E&Ps can select the best workforce for any project at hand.

If you’re an E&P interested in hiring labor through RigUp’s marketplace, or if you’re a Oilfield Consultant looking for more work opportunities and better pay, get in touch with us today.

512-501-5452 | consulting@rigup.com | rigup.com