Orion Drilling is prepared for the industry slump - Change this value to a strong SEO phrase
Dec 7, 2014
Many are rejoicing over the ease of filling the gas tank with oil prices so low, but Dr. Jim Lee, an economics professor for Texas A&M Corpus Christi, says the cheap crude will have a bittersweet effect on the southern Texas economy.
According to local news station KRISTV’s Sara Donchey, low oil prices could weigh down oil-rich areas like the Eagle Ford. The Texas economy in particular depends heavily on the oil and gas industry, so a slowdown would spell trouble for the region.
Many companies are reaffirming that they are prepared to weather the storm. The president and CEO of Orion Drilling, Wayne Squires, told KRISTV, “You build rigs for the bad times, you don’t build them for the good times,” stating that the tough times reveal the truly successful companies. He also explained that during his 35 years in the industry, he’d learned that modestly sized companies are more likely to take the hit and slow or even halt production.
Orion Drilling seems to be clearing the hurdles presented by low oil prices, however. In addition to operating in Texas and Pennsylvania, the company has its own shipping operation. Squires remains optimistic that the industry will push through the challenge.