How to make dumb money, and not be dumb with your money
1. Steer Clear of Overly Regulated Turf if You're Small
If your operation is on the smaller side, steer clear of states where regulations will eat you alive. Heavy regulations mean higher compliance costs, endless paperwork, and potential fines. You'll be squished under the bureaucratic boot before you can ever strike oil. Stick to where the rules are more forgiving or you have the scale to handle the red tape. I'm talking Kansas, Utah, Oklahoma, and Texas.
2. Embrace Cutting-Edge Tech
If your gear could star in a '90s flashback, it’s time for an upgrade. Modern technology in oil and gas isn’t just about efficiency; it's about survival. Use the latest in seismic imaging, drilling tech, data analytics, and back office software. Joltly can manage your vendors and expenses better than any decade-old software ever could.
3. Outsource Like Your Business Depends on It
Take a page from EII's book and get PetroLedger or similar services for your back office. Why burden yourself with accounting, payroll, and HR when specialists can do it better and cheaper? You save on employee costs, and you focus on what you do best – finding and extracting black gold.
4. Chase ROI, Not Trends
Don't drill just because everyone's going deep or horizontal. If the 2,000-foot vertical well next door is gushing profit while the fancy, expensive 10,000-foot wells are barely breaking even go for the vertical that has a 20% IRR. Make decisions based on return on investment, not what's popular. It's your wallet, not your ego, that should guide where you drill.
5. Stay Humble and Prepared
Don’t let greed lead you to bet the farm on one big play. The oil business can be as unpredictable as a geyser. Always have a rainy day fund, because in this industry, the weather can change fast. Make sure you can afford to lose a few bets without going under. Prudence isn’t just smart; it's essential
In short, don't be stupid, stupid.
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