Regardless of financial standing, oil companies must always look to grow


Oilfield producers must operate efficiently to continue their growth

Revenue growth in the oil industry is spurred by oilfield operational efficiency. Regardless of a company's current financial standing, they must always ensure they are using proper oilfield equipment to force best practices and continue a positive growth pattern.

According to an article on Equities.com, Canadian oil producer Suncor Energy Inc. announced their third quarter 2012 operating earnings recently, posting operating earnings of $1.303 billion, down from $1.789 billion in the third quarter of 2011. However, cash flow came in at $2.74 billion, a year-over-year increase from $2.721 billion in 2011. Overall, the company saw net earnings of $1.555 billion last quarter, a jump from $1.287 billion the previous year.

The positive net gain can be attributed to many factors, including a fluctuating global economy, but Suncor CEO Steve Williams told the news source that improvement in production operations was the primary catalyst behind the company's impressive quarter.

"During the third quarter, we achieved a number of operational milestones," Williams said. "We set a new Oil Sands production record, cash operating costs were $35 per barrel, and we reached full capacity at Firebag Stage 3 facilities. Our teams across Oil Sands once again delivered strong results in spite of a busy planned maintenance period."

Following a successful quarter, Suncor Energy cannot afford to be stagnant. Failure to continue on its growth path could negate any of the company's success from the previous quarter. Innovative oilfield technology such as artificial lift solutions are important tools because they will speed up the extraction process, improve oilfield efficiency and provide a tremendous assistance to any revenue-building strategy.

Oilfield producers looking to further improve their extraction strategies should contact an oilfield technologies provider to acquire the right solutions to fit their needs.