Energy Workforce & Technology Council partnered with Advisory Board member David de Roode, Lockton Partner and Executive Vice President, Lockton Companies, for the 2024 Business Optimization Conference on October 29 in Houston, TX. The conference focused on best practices around enterprise risk awareness and management for corporate resiliency and sustainability.
Energy Workforce Presidents Molly Determan and Tim Tarpley kicked off the conference, sharing an overview of the association’s future with attendees while highlighting growth initiatives that promote collaboration and innovation.
Chance Favors the Prepared Mind Panel
The ‘Chance Favors the Prepared Mind’ panel emphasized the importance of legal principles, pre-selected counsel, incident response plans, and tailored company policies. These must be understood, implemented, and actively managed.
The panel addressed the need for a unified understanding of risk tolerance and the role of clear policies. Justin Whitley stated, “If you put a policy in place, make sure you are following it.” David de Roode added, “It is crucial to sit down with the business unit leadership and define the risks that are important to them and have the discussion.”
Speakers included Justin Whitley, General Counsel & Corporate Secretary, Ranger Energy Services; Jody Mitchell, General Counsel, ProPetro Services and Kevin McDonald, Partner, Werner, Ayers & McDonald. The panel was moderated by David de Roode, Lockton Partner & Executive Vice President of Lockton Companies.
Everchanging Criminal Enterprise Panel
The Everchanging Criminal Enterprise panel focused on the evolving cybersecurity landscape, particularly the risks associated with IoT devices and AI.
The importance of securing networks, the impact of deepfakes on social engineering, and the need for comprehensive cybersecurity education were top of mind for panelists Richard Rodriguez, Founder & CEO, ClearSync Solutions; Tia Hopkins, Chief Cyber Resilience Officer & Field CTO, eSentire and Jim Mundy, National Security Specialist, Intelisys,and Moderator David de Roode Lockton Partner & Executive Vice President of Lockton Companies.
“I’ve heard people in the security industry worry that AI will replace humans, but I don’t see that happening. Instead, AI will replace those who choose not to leverage its capabilities. Human expertise will remain essential,” said Tia Hopkins, Chief Cyber Resilience Officer & Field CTO, eSentire.
The conversation also highlighted the challenges of managing OT security, emphasizing the need for proactive measures and understanding the unique risks.
Credit Risk Panel
Mitigating credit risk in international business is crucial for maintaining financial stability and supporting growth.
Panelist Ross Guthrie, Vice President Business Development, Cashline Solutions, offered valuable insights into their organization’s resources for due diligence: “For every customer you work with, it’s essential to do your due diligence on the credit side before you take on any exposure. My company relies on half a dozen different sources because no single source is perfect. The CreditLine program that EWTC provides is an excellent resource for information specific to this industry; it’s the only source that offers insights into how your peers are being paid.”
Speakers included Neil Jones, Vice President-Credit & Liquidity Solutions, Lockton, Ross Guthrie, Vice President Business Development, Cashline Solutions, and Moderator David de Roode Lockton Partner & Executive Vice President of Lockton Companies.
Government Affairs Luncheon
With election day inching closer, industry leaders gathered at the Government Affairs Luncheon to discuss what the 2024 Presidential and Congressional elections mean for the oil and gas industry.
Keynote speaker Jim Grace Jr., Managing Shareholder of Grace & McEwan Consulting and representative of TLR, kicked off the luncheon with an overview of the tort reform initiatives currently underway by the Texas Lawsuit Reform.
This was followed by a panel featuring Jack Belcher, Cornerstone Government Affairs, and EWTC President Tim Tarpley, where they discussed a range of topics, from the makeup of the House and Senate to the implications of the Presidential election outcome.
Better to Train Them and Lose Them or Not Train Them and Retain Them Panel
Panelists Ann Fox, President & CEO of Nine Energy Service, Marshall Dodson, President & CEO of Key Energy Services, and Moderator David de Roode, Lockton Partner & Executive Vice President of Lockton Companies, discussed the critical importance of training and retaining employees in the oil and gas industry. They emphasized the need for competency-based training and ongoing monitoring, highlighting key strategies such as integrating driver and operator roles, utilizing pre-employment screening reports, and implementing systematic maintenance procedures.
“Most of you know that our greatest asset is those folks on the front line. As a leader, you can best understand the pulse of the organization when you’re out in the field. You can identify operational gaps as well as areas affecting morale, and you can build a level of respect,” shared Ann Fox, President & CEO of Nine Energy Service
“I believe that my job as CEO—something I tell the crews all the time—is not to dictate what you should do, but to provide you with the tools and training necessary to take care of our customers safely,” added Marshall Dodson, President & CEO of Key Energy Services.
Equipment and Vehicle Risk Panel
Jim Kulis, Vice President of HSE at Ranger Energy Services, Tony Garcia, DOT Compliance Manager at ProPetro, Gary Childress, VP of HSE & Sustainability at Oil States, and Moderator Ed Newman, SVP of Strategic Risk Control at Lockton, discussed best practices related to equipment and vehicle inspection and maintenance, training, operating competency assessment, and asset tracking and usage monitoring.
Key takeaways from their discussion included the importance of regular inspections; thorough and consistent equipment checks are essential for ensuring safety and preventing hazards. They also emphasized the need for comprehensive training, which equips teams with the knowledge and skills necessary to operate equipment properly. Finally, they highlighted the significance of monitoring usage and tracking assets, as this not only enhances understanding of equipment utilization but also promotes accountability within the organization.
M&A Due Diligence Risk Panel
Neal Lux, President & CEO of Forum Energy Technologies, Luke Lemoine, SVP of Corporate Development at Weatherford, Sanjiv Shah, Global Co-Head of Energy & Power Investment Banking at Piper Sandler and Moderator David de Roode, Lockton Partner & Executive Vice President, Lockton Companies, led a discussion on the critical importance of thorough analysis in mergers and acquisitions during the M&A Due Diligence Risk panel.
The panelists emphasized the need for early preparation in M&A transactions, recommending a six-month runway to effectively implement best practices. Key points included understanding a company’s value proposition, customer base, and market position. They highlighted integration challenges, noting that both over- and under-integration can pose significant risks. Legal considerations, such as the transfer of contractual relationships and managing litigation risks, were also discussed.
The conversation extended to the impact of economic conditions on deal multiples and the roles of natural gas and nuclear power in addressing growing energy demands. The panelists reached a consensus that M&A activity is expected to remain strong in 2025, driven by the ongoing need for revenue growth and consolidation.
2024 Safety Awards Reception
The conference concluded with the 2024 Safety Awards Reception, where all winners were recognized and honored for their safety achievements. Find the full list of award recipients here.
Energy Workforce would like to thank all panelists and participants for contributing to the event.
THANK YOU SPONSORS!
