Many of us have unfortunately been through the industry downturns before.Â I donâ€™t have the stats to support this thought, but to me, this one feels more negatively impactful right here in Alberta, particularly in Calgary, than the others seemed to be. This is why I wanted to share my thoughts in this Oilfield PULSE issue when I was approached by Oilfield HUB/ Leadstone Group to do so.
Despite the very sobering current reality of our industry, our group at Evolution Oil Tools is determined to make the most of the situation. Going into 2015, we came to the conclusion we had to focus on what can help us survive, and perhaps even thrive, in a tough market place. In addition to doing what every oil and gas industry related company has done in 2015, which is to control and limit our expenses, our focus became the question, â€œWhat are we able to do?â€ The answers to this question were:
â€¢ We are diversified in selling to both domestic and international markets. We can determine where there is activity/projects occurring, and itÂ is within our typical business model to sell our products into those regions. Our customer base is vast, with a global footprint, so we needed to take advantage of that.
â€¢ We are diversified in the project stage our products can be utilized in, which is new completions and re-completions, enhancement/optimization of production, and well abandonments. This allowsÂ us to look for projects occurring in those different stages of the well and accommodate them.
â€¢ Prior to 2015, we had worked very hard at lowering our COG and strengthening our manufacturing and supply chain. This put us in a position to be very price competitive in this current market.
â€¢ We can and have further developed our product offering by adding larger and more market viable sizes to existing product lines and by designingÂ and introducing new products to the industry. We are listening to the problems out there and offering product solutions.