1- The oil and gas industry is a fast-changing industryThe change in the oil industry is not only driven by rapid changes in technology, new types of resources and the new challenges associated with it, but it is also driven by unexpected events and changes in geopolitics which could turn the oil industry up-side-down just like what happened back in 2014. To survive in such an ever-changing industry, you need to be flexible and agile. You need to be able to accept changes, stay clam and confident, adapt, plan and respond fast to these changes.2- Adaptability is key to survival and success in your careerAdaptability is an important quality that employers in fast-changing industries such as the oil industry seek to have in their employees. Take a look at the jobs' requirements of many oil and gas companies, you will find that adaptability is one of their top requirements. Schlumberger is one example. For other companies, even if it is not written there in their website, they expect you to have it.One of the job requirement as shown in Schlumberger's websiteThe nature of work in the oil industry requires you to be adaptable. You will work in different projects, with different teams and different challenges every time. Adding to these challenges, projects that you will be working on will have tight deadlines which makes it even more important to be able to adapt fast. To become successful in your career and to meet exceptions, you need to be open to new ideas, flexible to work in challenging issues, and you need to be able to cope when things don't go as planned.
1- Embrace changeHow to embrace the change? Don't waste your time worrying about things that you can't change. Instead, spend that time thinking about the the things you can change and how you want to change them. It is hard to let go of worries, but ask yourself one question. What is the point of getting stressed over thing you can't change? Does your worry change anything? If it does not, then stop it.2- Plan to change the things you can and do it fastOnce you let go of your worries and stress over things you can't change, then start planning to change the things you can change. Be realistic, and stop worrying about uncertainty. It is only fear in our minds, it does not exist. Plan your change and do it fast.
3- Marketing and branding yourselfThe recent changes in the oil industry has resulted in many oil and gas companies cutting their spending to weather the effects of low oil prices. One way to achieve that is by reducing the number of their workforce through layoffs and slowing down recruitment activities. That means, there is a high demand for jobs, but the supply is too low and this in turn created a downturn in recruitment activities and the consequence is a high competition for less jobs. In such an environment, the question is always about how to stand out of the crowd and secure the job you want or keep the one you have and avoid being laid off.There are many things you can do to stand out of the crowd such as writing irresistible CV and cover-letter, educating yourself and staying up-to-date with the industry events, developments and new technologies, connecting with people in the industry, building relationships, having professional memberships and volunteering in activities and events to gain experience. All these things will add value to you and help you stand out, but what is the point of doing all these things if you can't show them to your potential employers. It is like having a great product and the worst marketing strategy, you end up selling nothing.What is the point of doing all these things if you don't use them to sell yourself, market your skills and competencies and create a brand for yourself. By marketing and branding here, I don't mean doing that on CV, because no matter how good is your CV, you only send it to few companies and due to the high number of applications as a result of the high rate of unemployment, the chances of your CV getting noticed is too low. What I am talking about here is the online marketing and branding.For me, online marketing and branding is the best type of branding, because you only have to work hard on it for one time and it will continue to promote you even when you are sleeping. It will even promote you to companies you never knew and others whom you never thought of sending your application over to them. That is the power of online marketing and branding.
1- The first stepsThe first steps are the initial steps that you should go through in order to develop a strong personal brand. These steps involve defining youroverall aspirations, conducting research, defining your brand attributes, assessing your current state and creating your branding plan.These are the initial steps that you should go through to get you started. Here is agreat article by Lisa Quast on Forbes which will walk you through these steps in more details.2- Select a platformOnce you are done with the first steps, it is time to find the platform where you will be doing all the branding. To brand yourself, you need a platform, and since you are in the oil industry, you need a platform that is fully dedicated for oil and gas professionals. One of the choices you have is NrgEdge. It is a new oil and gas professional platform, dedicated to oil and gas professionals, and it has many features to help you brand yourself. Other platforms such as LinkedIn, Twitter, and other social media platforms are also a good place to start. In the coming days, I will share an article explaining how to brand yourself in social media based on my personal experience, stay tuned.3- Continue to ImproveMarketing and branding is not a one time job. Things change and improve, and you too. You will cultivate new skills and gain new experiences. When that happens, you need to update your online profiles. Allocate a time every month to check your online profiles for improvement and updates. As you grow and improve, you will find things to improve.
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Headline crude prices for the week beginning 11 February 2019 – Brent: US$61/b; WTI: US$52/b
Headlines of the week
Midstream & Downstream
Global liquid fuels
Electricity, coal, renewables, and emissions
2018 was a year that started with crude prices at US$62/b and ended at US$46/b. In between those two points, prices had gently risen up to peak of US$80/b as the oil world worried about the impact of new American sanctions on Iran in September before crashing down in the last two months on a rising tide of American production. What did that mean for the financial health of the industry over the last quarter and last year?
Nothing negative, it appears. With the last of the financial results from supermajors released, the world’s largest oil firms reported strong profits for Q418 and blockbuster profits for the full year 2018. Despite the blip in prices, the efforts of the supermajors – along with the rest of the industry – to keep costs in check after being burnt by the 2015 crash has paid off.
ExxonMobil, for example, may have missed analyst expectations for 4Q18 revenue at US$71.9 billion, but reported a better-than-expected net profit of US$6 billion. The latter was down 28% y-o-y, but the Q417 figure included a one-off benefit related to then-implemented US tax reform. Full year net profit was even better – up 5.7% to US$20.8 billion as upstream production rose to 4.01 mmboe/d – allowing ExxonMobil to come close to reclaiming its title of the world’s most profitable oil company.
But for now, that title is still held by Shell, which managed to eclipse ExxonMobil with full year net profits of US$21.4 billion. That’s the best annual results for the Anglo-Dutch firm since 2014; product of the deep and painful cost-cutting measures implemented after. Shell’s gamble in purchasing the BG Group for US$53 billion – which sparked a spat of asset sales to pare down debt – has paid off, with contributions from LNG trading named as a strong contributor to financial performance. Shell’s upstream output for 2018 came in at 3.78 mmb/d and the company is also looking to follow in the footsteps of ExxonMobil, Chevron and BP in the Permian, where it admits its footprint is currently ‘a bit small’.
Shell’s fellow British firm BP also reported its highest profits since 2014, doubling its net profits for the full year 2018 on a 65% jump in 4Q18 profits. It completes a long recovery for the firm, which has struggled since the Deepwater Horizon disaster in 2010, allowing it to focus on the future – specifically US shale through the recent US$10.5 billion purchase of BHP’s Permian assets. Chevron, too, is focusing on onshore shale, as surging Permian output drove full year net profit up by 60.8% and 4Q18 net profit up by 19.9%. Chevron is also increasingly focusing on vertical integration again – to capture the full value of surging Texas crude by expanding its refining facilities in Texas, just as ExxonMobil is doing in Beaumont. French major Total’s figures may have been less impressive in percentage terms – but that it is coming from a higher 2017 base, when it outperformed its bigger supermajor cousins.
So, despite the year ending with crude prices in the doldrums, 2018 seems to be proof of Big Oil’s ability to better weather price downturns after years of discipline. Some of the control is loosening – major upstream investments have either been sanctioned or planned since 2018 – but there is still enough restraint left over to keep the oil industry in the black when trends turn sour.
Supermajor Net Profits for 4Q18 and 2018
- 4Q18 – Net profit US$6 billion (-28%);
- 2018 – Net profit US$20.8 (+5.7%)
- 4Q18 – Net profit US$5.69 billion (+32.3%);
- 2018 – Net profit US$21.4 billion (+36%)
- 4Q18 – Net profit US$3.73 billion (+19.9%);
- 2018 – Net profit US$14.8 billion (+60.8%)
- 4Q18 – Net profit US$3.48 billion (+65%);
- 2018 - Net profit US$12.7 billion (+105%)
- 4Q18 – Net profit US$3.88 billion (+16%);
- 2018 - Net profit US$13.6 billion (+28%)