5 Fun Facts About the Permian Basin

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.

Source Experienced Oilfield Contractors from Your Mobile Device

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.

Go to the App Store or Google Play Store to download the RigUp app and start hiring.

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.

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

  • Continuing education

  • Association dues

  • Travel & Parking

  • Insurances

  • Postage

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

  • Personal vacations

  • Everyday clothing

  • Commuting costs

  • Downtime

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 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.

From our family to yours - Happy New Year!

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:

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