Chairman’s Gavel

January 1999


Welcome to the new year everybody.  The holidays are behind us and we are now only 365 days away from the millennium.  At this point in time we can either look ahead or reflect on the past.  During the last year we saw oil prices hit rock bottom and gas prices at times follow suit.  We had operating companies merging and reductions in staff.  We saw service companies merge and reduce their staffs.  We saw oil and gas operators change and adjust budgets as well as close down operations and move out of state.  On second thought, I don't like looking backwards after all, so let's concentrate on the future.

In the future I know there will be more people using more fuel.  There will be more people driving more cars and trucks, or at least it seems that way around 71st and Memorial.  There will be more homes built and businesses to keep warm and there will more industry developed overseas where the demand for fuel has not been the greatest.  I read where today we have a 2 million barrel a day surplus of oil.  In 1986 we had a 17 million barrel a day surplus.  It won't take much to use that extra 2 million barrels a day.  It would seem to me that we are on the verge of something big with minimal changes in the world market.  One look at the stock prices of Halliburton or Schlumberger no longer gives me a nose bleed.  Opportunities are out there everywhere I look.  Baker Hughes is in a strong position to excel. Almost all of the publicly traded oil companies would be a lock to invest in.  Remember these guys will figure out how to make money with the prices we have today.  What might happen if commodity prices double?

An interesting event coming up this month will be the 1999 Oklahoma Regional Science Bowl at Tulsa University.  Your section is contributing funds to help sponsor the event.  The Science Bowl is a competition for local high school student teams.  Last years winners happened to be theteam from Bishop Kelly High School.  It is hosted by the DOE and NPTO.  The competition will be held on the TU campus on January 23rd.  The public is welcome to attend and I think it would be a lot of fun.

Steve Faurot - Protechnics - A Core Laboratories Company

1998-1999 Section Chairman, SPE Mid-Continent

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