First oil ///

“The future ain’t what it used to be.”—The late Yogi Berra, legendary baseball player, coach and everyday philosopher. Yogi was certainly right. Most of us expected crude oil prices to continue to climb upward and onward forever. How do we survive and thrive in today’s low-price environment? In the short term, one has to cut costs and improve efficiency. Over the long term, technology has been our industry’s savior. In the 1920s, the rotary drilling rig and the Tricone bit enabled the industry to drill efficiently through hard rock and produce one gusher after another. In subsequent decades, the industry has made quantum leaps through offshore drilling, 3D seismic and, most recently, horizontal drilling and multi-stage fracing.

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