May 30, 1991. A high school student made a routine delivery run for a machine shop in Laredo, TX. The delivery took him to a nearby oil rig – the same type of rig his father and grandfather had both worked on for years. To Brannon’s surprise, this would be the day he followed in their footsteps. In desperate need of an extra set of hands, the rig’s crew recruited him to pitch in. It would be hours before he returned home, exhausted but exhilarated.
The energy industry’s fastest growing tech startup has raised more than $450 million to date.
RigUp, the energy industry’s largest marketplace for on-demand services and skilled labor, has raised a $300 million Series D round led by Andreessen Horowitz (a16z) with participation from existing investors, including Founders Fund, Bedrock Capital, and Quantum Energy Partners. New investors include Baillie Gifford and Brookfield Growth Partners. David George, general partner at Andreessen Horowitz, will join RigUp’s board.
Consulting in the energy industry is a constant hustle. Hard shifts and long hitches leave little time to book the next job, meaning you spend your off hitch days finding new opportunities. You don't have time to waste on applying for work using a subpar resume. It’s vital that your resume communicates the most important information about your experience and certifications during even the most casual skimming – not to mention, you have to make sure your resume is just as easy for a computer to read as it is a recruiter.
RigUp exists to empower the people who power the world. One of the ways we do this is through our platform – the largest workforce marketplace in the North American energy industry. And the key to tapping into the power of that marketplace is your profile.
Whether your a long-time oilfield veteran or just wrapping up your first year as a roustabout, optimizing your RigUp profile is the best way to position yourself to operators and vendors needing to source contractors.
When running an oil & gas consulting business, there's no shortage of things to manage. Between the job itself, the paperwork, and taxes, it's no wonder why oil & gas professionals often enlist family members to help their consulting businesses. We've spoken to wives, daughters, and other family members about how RigUp has changed the way their businesses work for the better.
1. Staying Fit
Pipeline work can be physically demanding and requires a certain level of endurance and stamina. Pipeliners can often find themselves in awkward positions doing physically repetitive tasks for long periods of time. On top of that, you're operating tools and have an expectation to work fast! Keep yourself in tip-top shape for pipeline work by doing cardiovascular exercises, such as jogging or cycling. Cardio can help strengthen your heart and lungs to keep you safe and productive at work.
2. Staying Safe
Pipeline work is dangerous, and if you're not careful, deadly. Always wear your personal protective equipment and follow safety protocol to the letter. If you're a welder, avoid long-term eye damage by making sure your helmet’s filter lens meets the recommended shade for your work assignment. Protect your ears by wearing ear plugs or muffs. Wear flame-resistant materials to protect yourself from open flames and radiation. Make sure to replace personal protective equipment when they become damaged or worn.
3. The More You Know, the More You Grow
Your skills should be as sharp as your tools. Keep your certifications current and complete formal trainings by your employer when possible. Organizations like the American Petroleum Institute (API), and National Association of Corrosion Engineers (NACE), offer a wide variety of certification programs that can improve your earning potential and increase the chances of landing your next job. Certification also helps ensure to potential employers that your technical knowledge is up to date!
4. Keep a Current Resume
Your skills aren't the only thing that should be up to date. Keep an updated resume handy with your relevant skills and work experience. Don't waste time struggling to remember details of past jobs when trying to find new work. Update your resume after every job experience to make submitting your resume easy.
Are you looking for your next job on the pipeline? RigUp is looking for qualified pipeline professionals to join our platform. Click here to learn more about becoming pipeliner with RigUp. Know any other useful tips for being a pipeliner? Let us know below!
Source: American Petroleum Institute
The Permian Basin is not only rich with petroleum and natural gas deposits; it’s rich in history, too. Here are five facts about the Permian Basin you might not know.
1. The Name
The Permian Basin gets its name from the Permian geologic period which began 299 million to 251 million years ago. This time period is best known for its dramatic ending, when an asteroid struck Earth and wiped out the dinosaurs! Over millions of years, those extinct dinosaurs transformed into what we now call fossil fuels.
Source: Encyclopaedia Britannica
2. Everything’s Bigger in Texas
We know that the Permian Basin covers most of West Texas and parts of Southeastern New Mexico - but did you know that it’s actually more than 86,000 square miles? In total, it’s close to 250 miles wide and 300 miles long. Just to give you an idea, that’s about the size of the entire state of North Dakota!
3. Lucky Strike
In 1923, the Santa Rita No. 1 struck major oil in the Permian on land leased from The University of Texas. So how did the first rig to strike oil in the Permian get its name? Turns out the rig was named after Saint Rita of Cascia - the patron saint of impossible causes. Proving to be far from an impossible cause, today the Santa Rita No. 1 rests on The University of Texas campus.
Source: Texas State Historical Association
4. History of Victory
Patriotism runs deep in the Permian. During World War II, the Permian had its share of responsibility in contributing to the winning war efforts of the Allied Forces. Wrap your head around this fact: About half of the world’s oil and gas production at the time came from the Permian! This supply helped in fueling the tanks, ships, and planes the Allied Forces used to ultimately win the war.
Source: Drilling & Geophysics Society of Dallas
5. The Permian Today
Nationwide, the total oil rig count has risen to 883. Did you know more than half of those rigs are located in the Permian? If you stacked all the oil rigs in the Permian on top of each other, they would stretch almost 6 miles into the Texas sky!
Source: Baker Hughes Rig Count Data
Impress your friends and coworkers with these five surprising facts about the Permian.
Want to get in on the action? Check out jobs on RigUp and join us in our mission of empowering the people who power the world.
It just got easier to find the best talent for the oilfield - from the oilfield.
Introducing Mobile Sourcing for OFS and E&P companies.
RigUp understands that life in the energy business moves fast. OFS and E&P companies need to be able to quickly source the labor they need to get the job done - and they have to be able to trust that they’re making the best decisions possible while mitigating risk with the talent they hire.
RigUp set out to solve these problems by building the industry’s largest online marketplace. Now, the team built for the oilfield by the oilfield, is taking the mission a step further by bringing labor sourcing to your mobile device.
Now, whether you’re in the office or in the field, the power of the RigUp marketplace is at your fingertips. Use a variety of filters to narrow down your search to the exact talent you’re looking for. Scroll through available service providers to find the best person for the job. Then, contact and even hire contractors through the app.
Mobile Sourcing helps you find the 1099 contractors you need anytime, anywhere - directly from your phone or tablet.
Here’s how it works:
Download app and select Source.
Choose Saved to search your preferred contractors by location, or Discover to browse our marketplace.
Search by job, years of experience, location, and radius.
Scroll through your results and filter by basin, recommendations, work history, and certifications.
View, save, chat, call, email, and even hire contractors directly from the app.
Mobile Sourcing is our first step toward allowing buyers to run the entire hiring and onboarding process through our mobile app. It’s all part of our mission to empower the people who power the world.
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.
PREPARE FOR TAXES
Separate Your Accounts
Separate your business and personal accounts from the beginning of the year, so you can easily calculate deductions.
Pay Your Quarterly Income Taxes
Pay your quarterly taxes - also known as “estimated taxes” - on time. W-2 employees have income taxes withheld for them on every paycheck. When you’re self-employed, you’re responsible for this task. The government requires quarterly payments from 1099 workers to make sure you’re keeping up with your taxes throughout the year. Contract workers can easily pay quarterly taxes directly through the IRS website. Monthly payment options are also available for the budget-challenged. Take note that your quarterly payments are due on the following dates:
- 1st quarter – April 15th
- 2nd quarter – June 15th
- 3rd quarter – September 15th
- 4th quarter – January 15th
Save For Your Self-Employment Taxes
Set aside around 15% of your total earnings to cover this tax that encompasses your cash contributions to Medicare and social security. W-2 workers make these payments automatically, and their employers pay half. As a 1099 employee, you’re required to pay this full amount yourself - so be prepared!
Estimate Your Total Taxes
Use a 1040-ES to estimate the total you’ll need to pay for the quarter. It only takes about 10 minutes to complete the worksheet.
Contribute to Your Savings
Keep a savings equal to at least a year of unemployment, if you can. It’s just good practice in the industry. Also, open a separate account just for your tax payments. Transfer 25% of each month’s earnings into this account.
Contribute to Your Retirement
As a self-employed person, you have the ability to fund thousands to a SEP (Simplified Employee Pension) or a Solo 401(k) in a tax deductible manner.
KNOW YOUR TAX CREDITS
Find out which credits you qualify for. Some common credits include:
Child & Dependent Care Credits
Lifetime Learning Credit
KNOW WHAT YOU CAN DEDUCT
Make sure you look closely at your ability to claim the following common expenses for your independent contract work on the oilfield
Supplies, including rented and leased equipment
Uniforms, protective clothing, and safety gear
Fees for services you’re required to maintain
Internet, phone, and satellite radio services
Interest on business loans and credit cards
Drug tests & required medical exams
Trade publication subscriptions
Vehicle expenses and mileage
ATM & check reorder fees
Home office expenses
Travel & Parking
KNOW WHAT YOU CAN'T DEDUCT
Don’t try to deduct the following expenses. This could lead to an audit and a costly headache.
Expenses reimbursed by employer
Time incurred working on your own equipment
Income lost for dry runs and unpaid mileage
Utilities not used for business purposes
HIRE A PROFESSIONAL
Remember that it’s always best to work with a CPA when preparing your taxes.
For more info from the IRS, click here.
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.
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.