Never spend your money before you have it. —Thomas Jefferson What some might consider a bad habit—waiting 60-90 days to pay invoices—has birthed a business sector whose purpose is to bridge that gap by advancing money on those unpaid debts. Known as factoring or accounts receivable (AR) financing, this service allows companies—usually service providers—to stay […]
Crossing the Line
We convened down at the Rig #8 this past Friday for our weekly alcohol-fueled sojourn down memory lane. This time the subject came up concerning some of the more wealthy members of our little oil patch fraternity and how they got that way. There were the usual yarns about old so-and-so and how he drilled […]
When Love Takes Over
Love is in the air. Happy Valentine’s Day. Have you noticed that love is in the air and occasionally at work? So, what does your employee handbook say about office romances? If you don’t have one on employee dating, I recommend you develop one and have every employee sign it. This can be a part […]
Recipe for Success:
A new breed of service companies seeks to combine efficiency and environment. The word “green” can mean different things to different people these days. To the accounting department it means money. To the public, including investors, it can mean environmentally friendly. Often those two meanings are at odds. At least two service companies with a […]
Drug and Alcohol Abuse
Greetings and salutations! Another great day in the wide world of safety, said no one ever, LOL. Not many people even like the subject of safety, but it is extremely popular among safety people. It’s kind of like when engineers get together and tell engineer jokes, when no one understands the jokes except for engineers. […]
Born on a Prayer
Although completion of the Santa Rita #1 well in Reagan County in 1923 was preceded by the Mitchell County Abrams #1 (1920) and the Loving County Russell #1 (1921), firsts do not necessarily denote the most important. The Santa Rita well, which was in the same 100-barrel production range as those which preceded it, received […]
Sphere of Influence
Once again, a state agency tasked with serving the vastness of the Lone Star State has turned its attention to the Permian Basin. The reason: The Permian Basin Sphere of Influence. Those who live and work in the thick of it shared their perspective at the first meeting of the Permian Basin Regional Freight and […]
Sharing Her Vision: A Basin Thought Leader
A PBPA Q&A with Vicki Hollub, President and CEO, Occidental Petroleum Corporation Occidental is the largest producer in the Permian Basin, and the company has been a valued operator in the region and member of the Permian Basin Petroleum Association. Tell us about Occidental’s business in the region. We are proud to be the No. […]
Service and Survival
Serving His Country On September 11, 2001, Brian Birdwell was on the Department of Army staff as the military aide to the deputy assistant chief of staff for installation management at the Pentagon. Birdwell and two of his coworkers, Cheryl and Sandy, were watching events unfold in New York City and knelt to pray for […]
Safety is First!
Greetings and salutations from the safety world! I hope the holidays were safe, memorable, and happy! Word has it that the oilfield is slowing down a bit. Hopefully, the slowdown is just a small correction. I’ve noticed over the years, the oilfield has changed in the sense that the calendar 4th quarter tends to slow […]
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