Q3 2018 - President's Remarks
It’s hard to believe we are now half way through the year. Here is a quick overview of key things happening in the company. First, our safety results continue to go well. Our overall total recordable incident rate (TRIR) is below 1.0 at 0.92 and our lost time recordable rate (LTR) is at 0.0! Our goal continues to be zero incidents.
We continue to make good progress on expanding our client base. In particular some key achievements recently have been our continued growth at EQT, Markwest and getting back into production well hook ups for Antero in Ohio. In addition we began new work with Summit Midstream, Energy Transfer and Eclipse all of which I believe have additional future growth potential. Our top clients continue to be Gulfport, Antero midstream, SWN, CNX, EQT and Seneca with many more that we are actively working for. Having a good variety of clients allows us to absorb the natural ebb and flow of work cycles from any individual client. It also translates into more consistent work for our employees. We have seen some employee turnover as people have looked for “greener grass” elsewhere, however some of those opportunities will be short lived and that grass will turn brown. We are structuring our focus on long term relationships with both our employees and clients. A fact not many of our employees know is that when the last down cycle hit in the oil/gas industry we did not go backwards like nearly everyone else did. We either stayed steady or actually grew some during that time.
Our branding efforts to move towards one company, “ShalePro Energy Services” have gone well. A good portion of our truck fleet has already received the ShalePro logos and the balance will be completed shortly. I think we made a good name choice as I have received many positive comments from clients and industry contacts about the name. It will take some additional time for it to “sink in” with some of our clients and employees who know us more by our original subsidiary names, but we are making progress. Two of our three new company videos are now on the web site and if you haven’t looked at Shalepro.com lately you may want to check it out. Our Production services video was also added a couple of weeks ago.
Q3 is looking pretty strong for us as our clients continue to push more work during the warm weather and long days. As always, we couldn’t be successful without the hard work and dedication of our 300+ workforce being on the job 24x7 and doing a quality, safe job every day. Thanks for everyone’s efforts.