Each of the major segment winners in EnergyPoint Research’s 2013 survey garnered high praise from oilfield customers for their long-standing commitment to quality, performance and customer satisfaction. The annual Oilfield Products & Services Customer Satisfaction Survey, conducted for the last decade, tracks the performance of oilfield suppliers in meeting the needs of the industry. The 2013 results, announced last week, reaffirm three past winners and introduce one new segment leader.
Ensco, Vallourec, Newpark Resources and Helmerich & Payne took top honors in the survey’s four main segments. The results were based on in-depth evaluations from thousands of qualified professionals at domestic and international customers of oilfield suppliers.
Ensco and Helmerich & Payne are both multi-year winners, while Newpark Resources is a repeat winner from last year. Vallourec has enjoyed strong ratings for many years as well, even though this is the company’s first time to top the oilfield products category. Continue reading →
U.S. shale plays may be creating a novel way to measure the new breed of top oil companies. The standard yardstick of worldwide barrels produced per day still evokes names of familiar global players such as Exxon Mobil, Shell and BP, as well as state-owned entities like Saudi Aramco and Petrobras. When gauged by innovation on the frontier of enhanced oil recovery, however, a host of more narrowly focused companies enter the conversation.
The sheer volume of extractable petroleum, and the related economic potential, justifiably dominate shale discussions. The Bakken Shale helped reinvigorate domestic oil drilling, and the Eagle Ford Shale promises to make Texas the eighth largest producer of crude in the world by the end of this year. EOG Resources, a gas company turned top shale-oil producer, has plans to drill 425 wells this year in Eagle Ford. These shales are incubators where today’s new type of top oil company is changing the way we extract hydrocarbons. Continue reading →
FMC Technologies, a leading oil equipment company, consistently outranks its peer-group average in EnergyPoint Research’s customer satisfaction surveys. The company has grown into a dominant player over the years partly on the strength of a vigorous research and development program that began bearing fruit in time for today’s exuberant revival of subsea drilling and development.
Not a pure customer satisfaction winner, though, FMC’s ratings fall more in line with its oil equipment company cohorts in the subsea segment. Like many of its peers, the company draws lower ratings from some customers for both organizational and equipment performance. And in what might come as a surprise to some, the company rates lower in shelf and deepwater wells, which account for about two-thirds of its business, than for onshore applications. Continue reading →
I recently finished Malcolm Gladwell’s book, David and Goliath. For those who have not read it, the book offers some interesting perspectives on how individuals and groups that possess seemingly little in the way of resources or opportunity can successfully take on more established players by using their size and ingenuity to their advantage.
The book quickly got me thinking about the role of smaller suppliers in the oil and gas industry. In general, if a company or individual has an idea they believe has merit, there’s little that can keep them from pursuing that idea if they desire. There’s also ample oil and gas industry research to suggest that if they are good enough at what they do, customers will (at least eventually) beat a path to their door. Continue reading →
Shale-oil and -gas production in the U.S. has been revered by some as the fuel, engine and vehicle driving the nation toward energy independence and economic solvency. Astronomical estimates of reserves, millions of high-paying new oilfield jobs, enhanced competitiveness for American industry, greater tax inflows for state and federal governments, and incremental export revenues certainly justify the volume of discussion.
Shale has at once become both disruptive and transformative. It’s also here to stay. IEA estimates the share of U.S. shale oil and gas production to double by 2035. Continue reading →
In Part 1 of this series, we discussed how customer defections and dissatisfaction can play very real roles in the under performance (or outright failure) of even the most highly touted mergers and acquisitions. In Part 2, we’ll look at the different types of M&A combinations and the impacts on customers that tend to arise from each.
When it comes to M&A, understanding the legacy attitudes towards customers and customer satisfaction that exist at the acquiring company relative to those at the company being purchased can go a long way in predicting a deal’s eventual impact on customers. Below is a discussion of four different types of M&A combinations and the risk and opportunity they can pose for customers: Continue reading →
As the leading provider of independent research and market intelligence on customer satisfaction in the global oilfield supply sector, EnergyPoint Research is continually updating and improving our approach to serving the needs of our subscribers and the industry as a whole.
So, with the end of another busy year fast approaching, we wanted to bring our readers up to date on some of the exciting developments and initiatives underway here at the firm.
National Oilwell Varco (NOV) operates just about everywhere oil and gas is extracted, enjoying a hearty share of the market for integrated oilfield equipment. Yet global reach and a wide-ranging portfolio of products do not necessarily translate to a better customer experience — for NOV or its competitors.
EnergyPoint’s most recent survey data suggest NOV’s customer satisfaction ratings, while certainly competitive within its peer group, have slowly trended down as the company logged lower scores in various segments. To be fair, ratings for manufacturers of capital drilling equipment remain below average industry-wide. However, NOV has been sliding from its previous perch. Continue reading →
EnergyPoint has collected tens of thousands of customer evaluations of oilfield suppliers over the years. The goal’s been to provide the industry and its stakeholders with greater transparency and understanding of oilfield suppliers’ performance for customers. The fact you and others are reading this post suggests there’s more than a passing interest in the subject.
Having stuck to our process for such a long while, we’ve definitely developed some valuable insights. Importantly, we’ve deciphered how and why highly rated oilfield suppliers rank above competitors. But we’ve also come to understand how oilfield customers can influence supplier performance as well. Here are the five ways that stand out to us: Continue reading →
One of the more frequent questions we’ve gotten over the years has to do with the impact mergers and acquisitions have on customer satisfaction in the oil and gas industry. It’s an important question, one deserving of a thoughtful response.
With apologies to our many readers and friends who make their livings buying and selling companies (or helping others do the same), we note that plenty of evidence has been compiled over the years that suggests the majority of mergers and acquisitions, when objectively examined, are not successful. Continue reading →