The early 2000s posed a very real danger to the U.S oil industry as experts were predicting that the hydrocarbon reserves would soon be depleted leaving the country dependent on OPEC. However, with almost perfect timing, two technologies emerged just in time to make “hard oil” financially feasible. These two technologies would be horizontal drilling and hydraulic fracturing, technologies that companies like Gulf Coast Western would soon utilize to stay afloat. Matthew Fleeger, the son of the founder of Gulf Coast Wester spoke to us recently about how he managed to stay strong during the difficult times in the early 2000s and how he’s been able to produce incredible revenue year after year.
What was the game plan for the company during those hard times?
Matthew states that smart strategic financial moves allowed the company to stay afloat. Matthew adds that the elimination of wasteful overhead allowed him to be able to retain most of his staff as layoffs were absolutely the last resort.
What did you learn from those difficult times?
The power of positivity says, Matthew. Creating an environment where positively flows within oneself are crucial to maintaining good morale, a bad attitude can quickly spread through the company.
How did you convince your employees to stay?
Matthew states that he needed to be open and transparent with his employees about the struggles present and ahead of the company. Keeping that line of communication and honesty can go a long way.
What did you learn from working outside of the company?
Staying calm and being patient with yourself says, Matthew. It’s natural to want to make haste moves when difficult times arrive, however, with every downturn the chance of opportunity is around the corner.
How do you see oil in the next year?
Matthew says that he sees oil selling at around $55-75 barrels of oil which is based on the fundamental environment of today.