Each sector of the oil and gas industry will have to adjust and reset following the historic oil price war coupled with the global COVID-19 pandemic, according to RelaDyne Reliability Services vice president Scott Hill.
In this interview with Hart Energy’s Jessica Morales, Hill discusses how technology and predictive and preventative maintenance are being pushed to the forefront as oil and gas companies navigate these tumultuous times.
“It is of the utmost importance that these industrial clients really utilize technology,” he said. “We are really having to get engaged and take a look at what is out there, what works when you are looking at a reduced staff and a reduced head count in a plant but you still have a lot of equipment that is running, how things can be automated and the predictability.”
In November 2010, four businesses—Mid-Town Petroleum Inc. (Bridgeview, Ill.); Oil Distributing Co. (Cincinnati, Ohio), The Hurt Co. Inc. (Houston), and Pumpelly Oil Co. (Sulphur, La.)—joined forces to form RelaDyne.
“[In 2010,] the industry for petroleum marketers had not really seen any consolidation,” Hill said. “It seemed like the market was ready for a unified approach. These four marketers came together to form what was the beginning of RelaDyne.”
Hill began his career in 1991 in the lubricant and fuels sales department with Hill Oil Co., a family-owned company founded in 1946 which was acquired by RelaDyne in 2011.
Jump to a topic:
- Hill Oil Co. (0:27)
- RelaDyne’s origin (1:07)
- Navigating the downturn (3:04)
- Importance of predictive maintenance (5:13)
- Industry’s path forward (6:33)
Recommended Reading
Chevron-Hess Deal: To Vote or Not to Vote, That is the Question
2024-05-21 - A Hess Corp. proxy vote related to the company’s proposed $53 billion all-stock merger with Chevron Corp. has divided shareholders ahead of a May 28 deadline.
Chevron’s $53B Hess Deal Delayed Until At Least Summer 2025
2024-07-31 - A pivotal arbitration hearing regarding Chevron’s acquisition of Hess Corp.’s Guyana portfolio is set for May 2025.
Proxy Vote Preview: Chevron, Hess and Guyana Uncertainty
2024-05-27 - Chevron Corp. stockholders will vote on May 28 and Hess’ stakeholders on May 29 on a $53 million combination that largely centers on Hess’ stake offshore Guyana.
From Comedy Central to Exxon Mobil-Pioneer Deal, a New FTC Emerges
2024-05-31 - The Exxon Mobil and Pioneer Natural Resources deal closed quickly and without divestment conditions, an antitrust attorney said — except for the sole condition that barred Pioneer’s founding CEO from Exxon’s board.
Analysis: A Mountain of Asset Sales Loom After Oil Megamerger Era
2024-06-26 - U.S. oil and gas companies could face an uphill struggle to sell about $27 billion of assets to fund investor payouts over the next few years as the biggest wave of energy megamergers in 25 years nears the end of regulatory reviews.