Alex Somers, Executive Director, Tudor, Pickering, Holt & Co.
What influenced your decision to enter the oil and gas industry?
A family history in oil and gas and an interest in finance led me to embark on an investment banking career focused on oilfield services and equipment.
What was your impression of the industry beforehand and how has it evolved?
Before I started in the industry, I had the impression that technological innovation in oil and gas would be incremental rather than transformative. I’ve witnessed amazing advancements across the life cycle of the well, from drilling to completions to production, which have dramatically improved the efficiency and quantity of oil and gas production.
What have you found to be the most surprising about the industry?
The shale revolution has been an incredible technical surprise. When I started in 2005, only 11% of U.S. rigs were drilling for oil, just 13% of wells drilled were horizontal and pundits talked of peak oil on the horizon. Today, 82% of U.S. rigs are drilling for oil and 87% of wells are horizontal. Shale has propelled the U.S. to become a leader in oil production, altering the global energy balance with profound geopolitical implications.
What do you find most challenging and most rewarding about the industry or your work?
The most rewarding aspect is advising clients and helping them successfully achieve their goals. The most challenging aspect is navigating volatility.
Where do you hope to see the industry develop over the next five years?
It’s hard to pick just one area because there are so many exciting developments in process, but I hope to see continued improvements in completions. There is so much we don’t know about the downhole environment during the fracturing process. More efficient downhole completion tools, real time frac monitoring and other innovations have immense potential for improving well completions and ultimate production/recovery.
What role do you believe you will play in the industry’s future?
Looking ahead, I will continue to advise entrepreneurs, management teams and boards of directors on M&A and capital markets/financing transactions.
How has your involvement in PESA supported your career goals?
PESA is a fantastic resource for networking with peers and staying current on the latest industry trends. In addition, PESA supports a number of initiatives focused on leadership development and education, which is critical for producing the next generation of professionals in our industry.
Tell us about some of the people you’ve met while working in the industry and how they’ve impacted your thinking.
A commitment to providing the highest customer service has been a hallmark of the most successful individuals I have worked with over the years and it is something that I always strive to achieve.
What are you most excited about for your career, your company and your industry?
I’m most excited about continuing to build our OFS business at TPH. We have a team of great people with a culture that always puts our clients first. I expect OFS M&A volume will increase over the next few years, and I look forward to providing our clients with differentiated insights that help them win.
What would you tell someone who is thinking about entering the oil and gas industry?
There are many different functions and subsectors within the industry, so I would encourage someone thinking about entering the industry to do their research and pursue what is the most interesting to them. If you do something you enjoy, then you will be better at it!
What do you wish other people knew about oil and gas?
I wish more people recognized that while meeting the world’s energy demands, the industry places an enormous amount of attention on health, safety and environmental issues to keep both people and the environment safe.
