DRILLBITS
Monthly eNewsletter from the IADC

The 2023 IADC Annual General Meeting (AGM) was held 8-10 November at the Hyatt Regency Austin in downtown Austin, Texas. Over 300 attendees gathered for this year’s AGM, which is recognized as the keynote conference for the drilling industry and provides ideal networking opportunities for participants. 

Bernie Wolford (right) receiving the 2023 IADC Contractor of the Year Award from Joe Rovig (left).

On Thursday, the Breakfast Keynote Address was given by Jason Gahr, Operations Manager – Unconventional Wells, ExxonMobil, on the topic of “Energy Industry Champions.” The Luncheon Keynote Presentation was delivered by John Sanclemente, Vice President – Wells, Chevron, who discussed perspectives on Chevron’s drilling outlook. Friday’s Featured Address was given by Michael Collins, Senior VP – Deepwater and Frontier Wells, Shell. 

AGM is also an occasions for awards and recognition. Congratulations to Bernie Wolford, President and CEO of Diamond Offshore Drilling, for being named 2023 IADC Drilling Contractor of the Year! This annual award was established in 1988 to recognize individual drilling contractors and their outstanding lifetime achievements in technical innovation, safety and economic efficiency within the drilling industry. 

Congratulations are also in order for the recipients of this year’s Exemplary Service Awards! Chris Menefee, President of Unit Drilling Company, and Ron Lee, VP of Marketing and Contracts at Noble Corporation, received Exemplary Services Awards for playing instrumental roles in laying the foundation of IADC’S Student Chapter program. 

Ron Lee (left) and Chris Menefee (right) receiving IADC Exemplary Service Awards from IADC President Jason McFarland (center).

IADC had the pleasure of hosting 30 Student Chapter Members to attend AGM this year: 

• Louisiana State University – 2 delegates
• Marietta College – 1 delegate
• Missouri University – 4
• Texas A&M University – 1
• Texas Tech University – 8
• University of Louisiana at Lafayette – 2
• University of North Dakota – 2
• University of Texas at Austin – 8
• University of Wyoming – 2

The IADC Young Professionals Committee hosted a networking event off-site, which provided an excellent forum for students and young professionals to network with each other and other industry professionals. 

Drilling Contractor Interviews from the 2023 IADC Annual General Meeting

IADC IVI workgroup reveals key insights into the values of young recruits

Human resource (HR) teams continue to face significant challenges in recruiting young talent in the oil and gas industry. Over the past year, the IADC Industry Value Initiative (IVI) workgroup conducted a survey to help member companies gain a baseline understanding of perceptions of the industry, including misunderstandings and opportunities among prospective drilling industry employees. Speaking to DC from the IADC Annual General Meeting, Amy Roddy, Senior VP of HR at Diamond Offshore, discussed the results from the IVI survey. She explained how the industry can derive value from the IVI and from better understanding the values prioritized by its employees.

Service company award caps eventful year for IADC Permian Basin Chapter

The 2023 IADC Annual General Meeting saw the association’s Permian Basin Chapter honor Canrig Drilling Technology as the chapter’s Service Company of the Year. However, that award is far from the only thing going on with the chapter right now. In this interview with DC from the conference, Chapter Chair Jacob Bruster talked about some of the initiatives the chapter has undergone over the past year. For instance, this year the chapter’s Rewards and Recognition Committee created a new program, the IADC Permian Basin Drilling Contractor SSE of the Month Awards, to recognize short service employees working in the Permian Basin. Mr Bruster, Marketing Representative at Unit Drilling, also discussed what the chapter looks forward to accomplishing in 2024.

Raymond James: Despite energy transition push, oil and gas expected to remain key part of energy mix

Both the crude oil and natural gas markets are not expected to see significant movement next year, but the medium- and long-term outlook for both markets looks positive, said Jim Rollyson, Oilfield Service Analyst at Raymond James Financial. Speaking at the 2023 IADC AGM, Mr Rollyson said that, even with renewables taking up a larger share of the energy mix moving forward, demand for oil and gas should still remain high in the coming years. With OPEC+ still maintaining production cuts, and Russia unlikely to see a significant growth in production following sanctions from Western countries in the wake of the Ukraine war, supply growth will have to come from somewhere, he said. In this interview with DC from the conference, Mr Rollyson explained where this supply growth will come from, along with his overall bullish view on oil and gas in the mid- and long-term future. He discusses where Raymond James sees oil prices and natural gas prices falling within the next year, as well as whether we’ll see significant movement in the US total rig count in that same timeframe.

Industry champions critical to providing sustainable future for oil and gas

The long-term survival of the industry will depend on advocates pushing for an environment where its people can thrive, according to Jason Gahr, Operations Manager at ExxonMobil. In his keynote address presented at the IADC Annual General Meeting, Mr Gahr explained how these advocates, or industry “champions,” specifically help the industry build that environment. Advocates, he said, invest time and effort in the success of their people, inspire and support innovation and explain how energy can help make people’s lives better. Speaking to DC from the conference, Mr Gahr further detailed his definition of what makes an industry champion successful. He talked about how they help the industry attract and retain young talent, and he provided examples of areas in which champions have driven notable performance improvements.

Thank you to everyone who attended, presented, exhibited, sponsored, and organized this conference!