Midland Energy Expo: Dealing with the Downturn

- MIDLAND, TX (Local Big 2 News) -- During the Midland Energy Expo, industry leaders gathered to share their take on the industry and its future.

Others walked through the booths in hopes of getting a job in a time when many are being laid off.

"I got laid off at the end of last year," said Midland resident George Poteet. "And this first of this year I have been looking for a job the whole time and it's been real hard, its real tight out there right now."

Poteet worked in oil field sales but is willing to work in other areas of the industry.

On Tuesday he met with various companies at the Energy Expo and will likely send his resume.

"Right now I have money saved from when the price of oil was up and I've been living off my savings account but its dwindling down pretty low," Poteet said. "I'm really needing to get a job quick."

But while some look to get a job, others like investment banker Paul Puri, assisting with buying and selling energy companies.

"There is a waiting period but we are seeing the stability and if that carries over definitely into the next quarter or two we will see good activity," said Puri, who is the Managing Director at Capital Alliance Corporation.

But Puri suggests companies should spend about two years preparing before a sale.

"The initial cycle is still playing out," Puri said. "The initial backdrop, the initial pin points are still being played out to see who is going to have the most impact."

Puri said there should be a waiting period before we see the stability in the industry.

"If that carries over definitely into the next quarter or two we will see good activity," he said.

But if an energy company is able to hang on and survive the low prices, Puri said waiting could be the best option.

"There will be a resetting of expectations which usually happens on every downturn on both sides and that will be the new norm," Puri said.

Others like Halliburton, are taking the downtime to introduce new technologies in operations.

"The next generation is a development of the technology," said Henk Kool, the Director of Technical Sales and Marketing at Halliburton. "It's making sure people are aware that new technology is available that might complement what is already being used here today."

Kool said he is sure prices will pick up again, and when they do, they plan to be ready.

"We know this is a temporary situation," Kool said. "The market will go the other way, no body knows when but this is a time to look at what we can do when the market goes up again and this is the prime time to look at new technology."

And right now staying positive might be what matters most.

"I have confidence it's going to come back up," Poteet said. "It's a matter of finding something in the mean time until it does come back up."

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