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In 2014, Pearson Partners International analyzed the education and experience of hundreds of CEOs in the domestic and international oil and gas industry. As the CEO of Vista Sand might say, there isn’t one path to becoming a CEO in the oil and gas industry. Vista Sand is a silica sand supplier for oil and gas companies in Texas and elsewhere in the South.
The results of the study reaffirmed this idea. According to the analysis, the medium tenure for CEOs of oil and gas companies was 4.5 years. Most of the oil and gas companies analyzed did not have the same CEOs in place for more than 15 years. In fact, 14% of companies had hired a new CEO within the past year.
In addition to that, the average age of CEOs in the oil and gas industry was 58 in larger companies and 54 in smaller companies. In total, CEOs reported that the median age of when they were hired was 50. Finally, an interesting note from the analysis was that larger companies tended to promote their CEOs from within than smaller companies. Smaller oil and gas companies were more likely to recruit their CEOs from other companies.
So, in a nutshell, oil and gas companies do replace their CEOs relatively often, and they often choose people who either worked within the company or have significant experience in the industry and have shown success. There is no specific degree to becoming a CEO, but most CEOs will have some sort of a college degree, and many will have advanced degrees from an accredited business school.
However, the most important traits every CEO will have are the ability to lead, work hard, and treat employees with respect.
The Permian Basin is by far the biggest oil producer in the United States right now. Currently, more than two million barrels of oil a day are pumped from the West Texas region. News this week illustrates how interest in the Permian Basin shows no signs of slowing down.
The rig count in the Permian Basin rose for the seventh week in a row. In total, the Permian Basin recorded 342 rigs, which is amazing when you consider the fact that it recorded only 134 rigs just a year before. The Permian Basin added two more rigs this week, which made it seven weeks in a row of growth.
Reeves County in the Delaware subbasin led the way with 49 rigs. This was followed by Midland County in the Midland subbasin, which had 40 rigs this week. Other counties with a high count of rigs include Eddy County, Loving County, Lea County, Howard County, Upton County, Reagan County, Pecos County, and Culberson County.
It would be safe to assume that the Vista Sand CEO and the Granbury company’s leadership team are excited about the continued growth in production in the Permian Basin and other oil-producing areas. Vista Sand supplies frac sand to many of the companies that pump oil from these geographic areas, which also include Eagle Ford, Mid-Con, DJ, Haynesville, and the Granite Wash.
We will have to see if the Permian Basin can make it eight straight weeks next week.
The early months of 2017 saw an increase in demand for hydraulic fracturing “frac” sand, according to recent news reports, which add that a steeper demand for the product may be on the way as oil production ramps up. For those researching Vista Sand Owner and the frac sand mining process, these recent developments within the industry are a welcome change from bottom-of-the- barrel retail gasoline prices of recent years.
Frac sand is typically pumped into the ground along with other substances to help break up subterranean natural gas deposits for mining purposes. According to a Feb. 17, 2017 Reuters news article, the increase in demand is due to an increase in shale oil mining. Per the report, this bump in activity is allowing for companies that mine the material to lock in long-term prices with oil production operations. The report states that the increased demand is driving up prices to positions where industry experts expect them to remain for at least the next 18 months.
The recent rush of good news comes after cheap oil prices rebounded to industry norms. When prices fell, oil producers cut back budgets for products like frac sand. Now, according to the Reuters article, there are nearly 600 U.S. oil rigs in operation across Texas and North Dakota.
Industry experts say the price of frac sand could even increase in the coming months, albeit a modest jump if at all. Reports say that frac sand producers will need to concern themselves with mining enough material to meet demand in 2017. Averaging about $25 per ton, according to a January 2017 article by an industry-oriented website, frac sand prices could surge to $40 per ton over the next year.
For more information on Vista Sand Owner or the frac sand industry, call 817-279-1660.
Vista Sand is well-known in the frac sand industry for mining the best product in all of Texas. The CEO, the leadership team, and every employee who represents Vista Sand are dedicated to delivering a high-quality and cost-effective proppant that meets customer demand. There’s no question that demand for frac sand has increased significantly from oil and gas companies in the oilfield. These companies require a frac sand supplier that can develop cost-effective mine-to-well logistical solutions without sacrificing on quality.
Vista Sand mines its trademarked Texas Premium White frac sand and sells it to companies operating in the southern US. These companies are looking for a more cost-effective solution as the price of transporting quality frac sand from Illinois, Minnesota, Wisconsin, and other states in the Midwest is prohibitive. Texas Premium White possesses the highest “k” factor currently produced in the state of Texas. Texas Premium White comes in 100 Mesh and 40/70. The 100 Mesh possesses 9,000 psi crush strength and the 40/70 possesses 7,000 psi crush strength. In 2016, Vista Sand held 10% of the total US frac sand market and a quarter of the entire US 100 mesh market. It looks to grow even more in 2017.
However, Vista Sand’s CEO and the rest of the team focus on safety to ensure everyone is protected on the job. Vista Sand was recently awarded the Sentinels of Safety by the National Mining Association (NMA), and Vista Sand has its own safety blog dedicated to highlighting safety efforts and showing how to create a safe work environment. Vista Sand is headquartered in Granbury, Texas, and it will open two additional mines in addition to the one mine currently in operation at Granbury.