Planning for success: profit vs. reserves

Nearly 20 years ago in a very entrepreneurial division of a major oil and gas company, a vice president defined the author's mission as being "to increase rate and maintain or increase reserves by working in and around production in producing basins." This mission statement has served the author well over the years, but it is incomplete. What is missing is a statement concerning low cost production.In any commodity business the primary goal should be to become a low cost producer. Low cost producers will always be survivors during commodity price downturns. Low cost producers have an easier task when seeking funding. They also are always in better positions to capitalize on investment...

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