Note: Running weekly in FromGregsHead.com, PKF Texas – Entrepreneur’s Playbook® is a continuing series of tips brought to you by Greg Price. These run Sunday evenings during the BusinessMakers Radio Show on KPRC 950AM.
Greg: This is PKF Texas and another chapter of The Entrepreneur’s Playbook. I’m Greg Price, Director of Consulting Solutions and I’m here again with Paul Parsons, President of Energy Training Resources, PKF Texas’ partner. Paul, welcome back to The Playbook.
Paul: Thank you, Greg.
Greg: So Paul, in addition to the great insights you have with training, I’m sure you’ve got your, you know, your fingers on the pulse as to what’s going on in this industry. Are there any exciting or unusual things going on these days?
Paul: Well Greg, the industry never disappoints in the areas of volatility and change. One of the biggest stories right now, of course, is the shale drilling that’s going on throughout the United States. A decade ago, it looked like the nation was going to be short on gas and people started building terminals to receive supplies of liquefied natural gas from elsewhere around the world. Then someone in an area outside of Fort Worth, called Barnett Shale, drilled a well and figured out how to get economic gas production out of shale that everyone thought was worthless. Next thing we know, someone is learning how to improve that through horizontal drilling and multi-stage fracking and then shale drilling expands throughout the nation. Then the gas supplies get to be so abundant that the price plummets and now drilling has moved away from the shale gas and is more towards shale drilling that involves liquids such as oil or gas liquids, and these areas are like the Bakken area in North Dakota and the Eagle Ford shale in South Texas and those areas are just being overrun with activity. So one of the lessons from this in this industry is you’ve gotta be able to move fast, turn sharp, or you might get run over.
Greg: And that’s why they should look at experts like yourself to get additional insight to that.
Paul: Thank you.
Greg: All right. We’ll have you back to talk more about that. This has been another Thought Leader Production, brought to you by PKF Texas, the Entrepreneur’s Playbook. Tune in next week for another chapter and remember if you’re looking to enhance your understanding of the energy industry, go to Energy Training Resources.com.