I recently met National Driller columnist John Schmitt for lunch and a hearty discussion about drilling methods, what this business might look like in 10 years and what drillers might like to read about.
I recently met National Driller columnist John Schmitt for lunch and a hearty discussion about drilling methods and what this business might look like in 10 years.
My takeaways? Drilling could look very different in 10 years as the shift continues away from new well installation to well maintenance. Water quality systems could provide a good opportunity for drill companies that can afford extra crew to dedicate to installation and upkeep. And, lastly, drillers now and into the future could benefit from more business-oriented stories.
It's this last item I want to focus on today. You guys (or y'all, for the Southern folks) can drill a straight shaft from here to Timbuktu. But can you balance a ledger? Do you do your accounts payable and receivable yourself, or do you have office staff? Do you know how to build rig depreciation into your pricing? When your accountant talks about cash flow, do you scratch your head? Are there other back office topics that stump you? Or, have you figured out a tax riddle that other drillers could benefit from?
Readers, I know you like reading about the challenges and successes of other drillers out in the field. But are you also interested in stories about keeping your books straight and making sure your business is strong enough to flourish?
Give me feedback. Tell me about business topics that interest you. Tell me about other drilling topics that need coverage. Send an email to firstname.lastname@example.org, and have your voice heard.