I came here with a relatively clear diary and an ambition of visiting the show for a few hours every day and going to a variety of cocktail parties and dinners in the evenings. But it hasn’t worked out that way – it never does! This year my schedule has filled up even more quickly than it has in the past, and virtually all of my time is spent in meetings at our Huston downtown headquarters and at breakfasts, lunches and dinners with clients and contacts. (note to self – must start the diet and go to the gym when home next week!).
OTC attracts companies from all over the world and many of them take the opportunity to catch up or introduce themselves to Simmons while they are here. This is incredibly efficient for us because it would take a lot of time and expensive airfares to visit these companies through the year, but it’s also useful for the companies themselves because they are looking for our insights and ideas on what’s happening in the industry and how it might affect or benefit them.
The rest of the nine-strong Simmons team that came over are either at the show looking for interesting companies and technologies, or they are with clients and their counter-parts working on live transactions.
The view from Simmons is that this is shaping up to be one of the best OTC weeks ever, with record attendances, lots of important contract announcements and many new industry participants and technologies on view. It is hard to reconcile the upbeat mood and lavish entertaining with sub $2 US natural gas prices, or last week’s news that the UK economy has dipped back into recession. The reality is that high crude prices and the challenges of sustaining/growing oil production is lifting E&P budgets significantly on an annual basis and that is creating significant growth opportunities for the oil service companies that are here.
Consequently this week is not just about showcasing and celebrating all that is good in the industry, it’s also a time for connecting people, analysing options and evaluating opportunities with a view to creating as much value as possible over the next year and beyond.