President's Note - Capitalizing Opportunities
2 years ago
The economy is strong and things are looking up for 2018. Tax cuts have helped spur confidence in our customers and their planned capital investments. Additionally, the product flows unleashed in the U.S. by drilling and fracking continue to drive the demand for production, transport and storage facilities. All this is good news for industrial contractors like GBI.
According to Oil Industry Insight, “The Permian basin produces more than 30 percent of total US crude oil production. Of the total number of rigs drilling in the United States, around 476 drilling rigs are in the Permian basin. That is more than 45 percent of total US rigs and more than 22 percent of rigs drilling worldwide. With such a huge number of rigs mostly drilling for oil, Permian basin oil production is only expected to continue to grow, leading the US to become the world largest crude oil producer.”
We have doubled down on our expansion efforts in the rapidly growing Permian Basin by opening an office in Odessa, Texas which complements our existing office in Carlsbad, NM that opened up earlier this year. We know that what goes up can also go down. But while the sun is shining, we are doing all we can to capitalize on this upturn in the business cycle and the major market position occupied by the Permian Basin
Thanks to all our Great Basin Nation for bringing Safety, Quality and a strong work ethic to each customer project. You are the engine of our growth and success!