Is Oil the Most Valued or Undervalued Asset of Your Company?

Is oil the most valued or underrated/undervalued asset at your company? If you are uncertain about how to answer this question, simply following the money will be quite revealing to say the least. Story time:My father had a close friend in the industry, a fellow business owner in the region, who owned all sorts of major land moving equipment. As a matter of fact, this man’s Scrapers and Mining Trucks were actually used in the movie “Tango and Cash”. For sake of confidentiality, I will only refer to him by his first name Bob. You know the term “slick oil salesman” that we all have likely heard, well this literally happened to my father’s friend. Some oil salesman, without Bob consulting my father first, convinced Bob that he needed this new type of oil in all of his equipment. Unfortunately, thereafter, every piece of heavy equipment that had this oil, was downed within hours. You have to understand, Bob leased/rented this equipment out, and many of his land development, trusted customers’ operations, were directly halted as well. My father was called upon immediately. The first question my father asked him was, what have you recently done differently? Any changes you made? Etc. Bob let him know about the recent oil he purchased. So my father conducted a simple field test on the spot to determine quality of oil. He got two machined surfaces, cleaned with starter fluid, and placed Bob’s previously used oil on it, and the two surfaces (top and bottom) easily moved horizontally across the plane, back and forth while pressure was applied vertically. The surfaces were cleaned again, the “new” oil, with same quantity and protocol as used in the previous test was applied. Immediately both surfaces seized all movement due to metal-to-metal contact. Thankfully, Bob ordered oil change outs to the original oil brand used in each piece of equipment. My father sprung into action to help Bob get his equipment repaired and back into operation.On the next episode, to assist my listeners to recoup their losses and convert them to revenue, I will cover questions you will need to have answered in order to help you in your mission to gather the pertinent data necessary. Some of those questions posed were disclosed in the previous Hoff Innovations podcast episode. One piece of absolutely necessary data required will likely not even be available to a majority of you listening, but hopefully already is. If it is, you are already making strides. This particular data requires oil analysis to be performed first, for each reservoir/operating system. Specifically, you must request the spectrographic and particle analysis. Lastly, be sure the analysis involves FTIR to check for water contamination. I am giving you this recommendation in advance of my next episode, as it is one of the most critical pieces of information to acquire, yet very affordable to attain. Stay tuned for the next episodes. To receive upcoming notifications of Hoff Innovations podcast show, simply subscribe. To contact me direct, reach out to me on LinkedIn. Please do not keep this show a secret, and like, comment, and share so that the information provided herein will reach stake holders and key persons, who are diligently researching solutions too. You’re welcomed to be on the show and collaborate if you feel your experience and knowledge in industry would be of great contribution. I look forward to connecting with all of you again soon, Let’s make it an awesome start of the year “As a rising tide lifts all ships.”   Happy New Year and God Bless! Music by: The Longest Day · AnesthesiaLa Paradinha℗ 2014 AnesthesiaReleased on: 2012-04-10No Copyright Intended Hosted on Acast. See acast.com/privacy for more information.