Tax Tips for Contractors

It’s tax season! RigUp is here to help.

Thanks to online marketplaces like RigUp, it’s easier than ever for people to work for themselves as 1099 independent contractors,  especially in industries like oil & gas.

With the great freedom of contract work, however, comes the great responsibility of 1099 taxes.

We recommend speaking to a tax professional when preparing your taxes to make sure you’re getting as much of your hard earned money back as possible.

 In the meantime, here are some industry tips to help you get the most out of your taxes with the least headache possible.

RigUp Raises $60 Million in Series C Funding Led by Founders Fund

RigUp, the energy industry’s fastest growing tech startup, has raised $90 million+ to date.

Austin, Texas, January 29, 2019 -- RigUp, the energy industry’s predominant marketplace for on-demand services and labor, has raised a $60 million Series C round led by Founders Fund. Existing investors including Quantum Energy Partners, Global Reserve Group, and Bedrock Capital also participated in the round.

“We’re preparing to rapidly expand our products and services in response to a fast-growing customer base,” said CEO and co-founder Xuan Yong. “When we started in 2014, we knew there was a huge opportunity for modernization in the industry, and we’re proud of the impact we’ve had in five years. With this round of funding, we’re positioned to see that impact grow exponentially.”

In the next five years, approximately 50% of the oil and gas workforce is set to retire. Those positions will be filled by a tech-savvy generation that has come to expect the type of experience RigUp offers. A pre-qualified contract oilfield worker can get on the RigUp app, search for a job, and often find work within a matter of days.

RigUp estimates that they save operators 25% on variable labor costs and help them scale labor resources up to 3x faster. Engineers and project managers working for large services companies or E&P companies use the technology to hire quickly, track contractor compliance, and minimize administrative work.

“RigUp is solving interesting process problems in a part of the energy industry that hasn’t always been quick to adopt new technology. The platform has quickly gained traction in the market, and we feel that they’re well positioned for continued growth,” said Napoleon Ta, Partner at Founders Fund.

Read the official press release here.

About RigUp

RigUp empowers the people who power the world. Founded in Austin, Texas, in 2014, RigUp’s marketplace is improving the lives of contractors and helping service providers and operators find people who will get the job done. For more information on RigUp, please visit RigUp.com.

About Founders Fund

Founders Fund is a San Francisco based venture capital firm investing in companies building revolutionary technologies.

Media Contact

Carly Curran

press@rigup.com

RigUp Highlights of 2018

We started RigUp over four 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 leading on-demand marketplace for the energy industry. Today, our growing team has enabled RigUp to double down on our mission of empowering the people who power the world.

We connect E&P companies and service providers through technologyhelping the energy industry get to work faster and more effectively. We're grateful for the support of over 250 E&P & OFS companies, who've helped us pave the road toward a safer energy sector and American energy independence. 

In 2019, we’ll continue to enhance our product offerings to meet the needs of our users–upcoming features include: mobile sourcing, certification tracking, digital invoicing, and better processes for independent contractors to find new opportunities in the industry.

Our team looks forward to delivering you our very best in 2019. In the meantime, check out these highlights from the past year at RigUp.

Source Contractors with Screening Questions

At RigUp, we put our people first with every product we deliver. We’re excited to start the new year by giving our service providers and companies the option to create unique screening questions when posting jobs on RigUp.

5 Places to Relax in the Permian Basin

Whether you’re out in West Texas on a drilling rig, frac site, workover operation, production facility, or pipeline project, you’ll certainly need to take advantage of your days off. To save you time searching, we’ve collected a list of places you should visit near the Permian Basin when you’re ready to unwind from your jobs on RigUp.

Things You Should Know About Being an Oil & Gas Landman

Professional Landmen working in oil & gas play an integral part in the oilfield business. There are many tasks that a Professional Landmen do on a day-to-day basis. Here are a few things you should know about being a Landman:

  1. Prepare for paperwork.
  2. Negotiating is a necessity.
  3. Become familiar with libraries, courthouses, and public record databases.
  4. Opportunities are out there to help you learn, grow, and progress in your career.

What’s In My Truck? The Essentials for an Independent Contractor in the Field

In the oil and gas industry, almost all professionals working on a rig or wellsite are expected to drive a truck (or similar vehicle)—usually due to poor lease road conditions. Now, a field professional with their long shifts and remote locations would be lost without a well-packed truck. When headed on location for a hitch, an independent oil and gas contractor must carry the following four necessities:

  1. Fire-resistant clothing and steel-toed boots
  2. Groceries and cleaning supplies
  3. Office supplies
  4. Knowledge and experience

5 Qualities Companies Look for When Hiring a Directional Driller

As an independent contractor, it’s essential to know which skills and qualities appeal to a wide range of oil and gas companies. While some companies seek specific certifications and experience, there are a few qualities that make a directional driller (DD) stand out in any pile of applications. When building your resume or interviewing for a position as a DD, highlight your excellence in the following five areas:

Section 232 Steel & Aluminum Import Tariffs and Their Effect on Upstream Oil & Gas

By now, we’re all aware of the Section 232 investigation into steel and aluminum imports. In the weeks and months leading up to the January release of the report and President Trump’s response, there was a sense of muted concern among those in the industry. While some were preparing for the worst, the overwhelming majority we spoke to, frankly, seemed skeptical that the size and scope of the ramifications would be all that impactful.

 Now that the dust has settled and we’re a few months removed from the release of the report, we want to:

  • Look back at some of the pre-report concerns and what action people did or didn’t take
  • Understand what’s happened to oil country tubular goods (OCTG) pricing since the release of the report
  • Outline the general consensus regarding prices for the remainder of the year and what the go-forward strategy is

How To Stay Hydrated in the Oilfield

 Grabbing an energy drink sounds good when you’re up when the sun rises to begin non-stop work. It’s quick, easy, and refreshing. But what you may not realize is the dangers that come from drinking Red Bull, Monster, Rockstar, and more.

These drinks are great for a quick burst and tasty flavor, but they’re loaded with caffeine and sugar that could cause serious problems, especially for those working at a drilling rig.

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