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Tom Bonny

Texas Oil and Gas Podcast

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On this week's Industrial Talk we're talking to Tom Bonny, Partner and Managing Director with Deloitte Consulting about "Last Barrel Standing".  Get the answers to your "Oil and Gas" questions along with Tom's unique insight on the “How” on this Industrial Talk interview!Finally, get your exclusive free access to the Industrial Academy and a series on “Why You Need To Podcast” for Greater Success in 2022. All links designed for keeping you current in this rapidly changing Industrial Market. Learn! Grow! Enjoy!TOM BONNY'S CONTACT INFORMATION: Personal LinkedIn: https://www.linkedin.com/in/tom-bonny-7bab94/ Company LinkedIn: https://www.linkedin.com/company/deloitte/ Company Website: https://www2.deloitte.com/us/en.html Last Barrel Standing:Upstream Oil and Gas Energy Transition | Deloitte US PODCAST VIDEO: https://youtu.be/IGUMKODNf2g THE STRATEGIC REASON "WHY YOU NEED TO PODCAST":  OTHER GREAT INDUSTRIAL RESOURCES: NEOM:  https://www.neom.com/en-us AI Dash: https://www.aidash.com/ Armis: https://www.armis.com/ Trend Micro: https://www.trendmicro.com/en_us/business.html CAP Logistics: https://www.caplogistics.com/ Industrial Marketing Solutions:https://industrialtalk.com/industrial-marketing/ Industrial Academy: https://industrialtalk.com/industrial-academy/ Industrial Dojo: https://industrialtalk.com/industrial_dojo/ We the 15: https://www.wethe15.org/ YOUR INDUSTRIAL DIGITAL TOOLBOX: LifterLMS: Get One Month Free for $1 – https://lifterlms.com/ Active Campaign: Active Campaign Link Social Jukebox: https://www.socialjukebox.com/ Industrial Academy (One Month Free Access And One Free License For Future Industrial Leader):  Business Beatitude the Book Do you desire a more joy-filled, deeply-enduring sense of accomplishment and success? Live your business the way you want to live with the BUSINESS BEATITUDES...The Bridge connecting sacrifice to success. YOU NEED THE BUSINESS BEATITUDES! TAP INTO YOUR INDUSTRIAL SOUL, RESERVE YOUR COPY NOW! BE BOLD. BE BRAVE. DARE GREATLY AND CHANGE THE WORLD. GET THE BUSINESS BEATITUDES!  Reserve My Copy and My 25% Discount PODCAST TRANSCRIPT: SUMMARY KEYWORDScollaborate, oil, companies, gas, digital, industrial, listeners, operators, tom, cost, deloitte, upstream, industry, talk, conversation, hydrocarbon, differently, nimble, work, focused00:04Welcome to the industrial talk podcast with Scott Mackenzie. Scott is a passionate industry professional dedicated to transferring cutting edge industry focused innovations and trends while highlighting the men and women who keep the world moving. So put on your hard hat, grab your work boots, and let's go00:22Hello, and welcome to industrial talk, the industrial ecosystem focused on your success by featuring industry leaders, companies that are solving problems and who are passionate about collaborating. You know why they're bold, they're brave, they're Daring Greatly each and every day. And they're changing lives, and they are changing the world. That's why we here at industrial talk, celebrate them all the time. That's what we do. All right, in the hot seat, we have a gentleman by the name of Tom Barney, he is a partner and managing director with a Deloitte, we're going to be talking about oil and gas. And I'm telling you, this is a podcast for you to take notes down because he's just nailing the bullet points. He's just saying, Do this, do this, do this. This is what we say, blah, blah, blah. Let's get cracking. Yeah, so I sat down with Tom. And we had a great conversation. This is last barrel standing is a blog or article that he wrote, it's out on industrial talk, of course, it's out on Deloitte. And it really just nails down tremendous steps on on what's taking place within the oil and gas industry what to do, where it's going, I am just telling you a paper and pencil on this particular conversation, he brings the truth lumber in a big way. Couple of items. One, we've got a hashtag called we are industry. And that is just a celebration. And it's just a hashtag that is a culmination of all the stories out here that are featuring true human successes that exists within industry. And I just think inherited as a shirt if you want one of these shirts, if you're looking at on videos with hashtag, it's a it's a black shirt with white lettering called we are industry. But I'm telling you right now, industry is what it is. It's human, it's people. It's solving problems. And it is truly wrapped around education, collaboration, and innovation. So that we all succeed, we need it more than ever, we need to be able to collaborate that as my soapbox, make it happen, make it so hashtag, we are industry. The second item, industrial talk, we'll be broadcasting from IoT solutions World Congress, that is in Barcelona will be broadcasting their live. So be on the lookout for that, as well as broadcasting from a distributor tech live there too, as well featuring incredible, incredible companies and individuals that are again, solving problems, innovating, making our lives better. And then finally, we're going to be at the manufacturing, digital manufacturing summon that's in Chicago, same thing. They're incredible companies are all going to be there. A lot of fun, a lot of great opportunities to learn, educate a lot of great opportunities to collaborate. That's what we need to do. And definitely innovate specially today. All right. Now, again, I go out to Tom Barney stack card out on LinkedIn. Yeah, you'll be impressed. And the conversation you think, oh my gosh, we're gonna be talking about oil and gas is going to get down into the weeds. Now. My notes, the article itself. Very, very strategic, very focused on this is what this is it this is it point, point point, the way I love to rock and roll, and it's all out there, go to industrial talk.com Find out more. There are some backlinks there. So let's get on with the interview because I don't want to waste your time. This is Tom Barney, Deloitte as the company. Let's get cracking. Tom, welcome to industrial talk. Thank you very much for finding time in your busy schedule to talk to the best listeners in the world. How are you doing?04:15I'm doing well today. It's a nice sunny day in Houston. So can't complain.04:19I'm in New Orleans right now right outside of New Orleans. And I'm sure you're getting a great weather too. I'm doing the same thing. It's sort of weird because I got spring fever.04:29We should probably do this outside next time.04:33Yeah, but you know how it is. It's the same thing in Houston. Same thing in Texas. Same thing, Louisiana. Today's good. Tomorrow, we'll probably you know, sweater tushies off, you know, it'll be completely different and muggy and then you want to stay inside. All right. For the listeners. Let's get the sort of level set. I've looked at your stack card out there on LinkedIn, massive skills. But without me sort of yammering on give us a little background on who Tom is.04:59So I won't tell you the number of years I've been doing this type of work because I've run out of digits to say how long I've been in this type of business. It's a combination of both industry, I was at a service company before and consulting as well. For Deloitte, I head up our core operations practice. So by that, you know, it's like, how do you actually manage the oil and gas platforms and things like that? How do you maximize potential etc. And then a lot of that today means also applying digital different types of solutions for them. And so I lead up a group that focuses on those types of aspects and capabilities.05:37So you're focused on digital stuff that is impacting oil and gas, right?05:42Yeah, that winds up being a lot of what we do today, just because it's, it's not about doing things, traditional ways of working, and just lean six sigma and process flow. It's actually how do you reimagine and enable that with leveraging different tools such as digital?05:57Yeah, that's a that's a hot topic. And now, listeners, we're going to talk about an article or a report that was generated by Tom. And it's an interesting report, and I liked the title of it is catchy. It is pithy at the same time, last barrel standing, give the listeners a little background on on on the premise behind that particular article.06:20Sure. So essentially, if you think about it, so I can, in every energy scenario people are talking about now in the future of oil and gas, and that analysts will still say that, you know, oil and gas is here for for the foreseeable future, it's still part of the energy mix. Now that said, you know, it's not about a debate of if the energy transition is happening, it's more discussed around pace as to when that will happen. So in a world where we still need oil and gas, and there's but there's also this energy transition happening, we kind of see four different types of upstream operators evolving over time. And those will have to evolve to say, if you really want to be, you know, last and fit for any oil, price, etc, like that. There are going to be operating model implications across these four different types of archetypes, as we've called them, and how are operators going to adjust their operating models to essentially for those who decide to stay in oil and gas be that last barrel standing? That's essentially the premise.07:24You mentioned briefly? Four points four. Can you sort of expand upon that, please?07:30Sure. So the archetypes is essentially it's, you know, start at the book end. On one side, we have one that we call the hydrocarbon Staller. That's essentially the operator who says, You know what, I'm fundamentally an oil and gas company, this is what I do, I'm not changing my portfolio, I'm sticking to this, on the opposite side of that is what we call the net zero pioneer. So it's exactly right is the opposite of it. It's someone who says, You know what, I'm actually getting out of oil and gas, and I'm pivoting to new energies. So that's the book ends in the middle, we have those who take a little bit of flavor of each. So the one after hydrocarbon stalwart is the one that we call a low carbon producer, similar to the stalwarts, and the fact that they're still saying, Hey, I'm raising my hand, I'm an upstream player, but they recognize that there's a need to decarbonize and are making intentional choices to do so. They're balancing the economics of whatever play they're in with the environmental impact. And then the next one, which rounds out the four is what we call the green followers. So just before the net zero, and those are those who are saying I'm gonna go a step further than low carbon producers, I will slowly start pivoting out of my oil and gas portfolio, especially those that start not necessarily top of my revenue generation, margin generation, etc, that I'll start pivoting and I'm going to start pivoting a bit more to new energies. But I'm not going to jump head deep the way that net zero did, but I will overtime start adjusting my portfolio that's essentially the spectrum09:08of what was number three. I didn't really catch it, I got it. But what was what's the title, the number three, green follower green? Uh huh. Now I would imagine and correct me if I'm wrong, if I'm a if I'm a stalwart, the hydrocarbon stalwart, right, I'm, I'm all in. Do you foresee the necessity eventually, because I'm stubborn, for lack of a better term? Me then dipping my toes into low carbon and then then going down that do you think that it happens? What's that sort of culture taking place?09:47So what I'd say is across all four archetypes, you know, there are some very obvious operating model aspects that need to be considered and some of those obvious are is hey, if I'm not drilling in completing wells or managing oil anymore, I'm one of these. What's it called netzero pioneers. And I'm, let's say, my portfolio is full of wind, well, I don't need a reservoir engineer anymore. So that's the obvious, we're going to change capabilities that we need based on it. But then there's three things that we see, regardless of which one you choose, you're gonna have to do a flavor of this. And when I say a flavor of this, how far you go in depends on how much you're sticking with oil and gas, or you're moving to, to new types. But the three things that we talked about is, regardless, everyone needs to lean out based business and drive capital efficiency. This is fundamental to being the last federal standard, the economics will change, you want to be the one that is fit. If I'm the hydrocarbon stalwart, and I want to be fit for any bike, I need to make sure I have a very nimble, agile organization that can run at multiple different cost layer. That's going to be the first one. The second one is decarbonizing the EMP value chain, that was kind of your question, everyone, to some degree, is going to need to show that we're at least doing our best to minimize our carbon footprint. So the hydrocarbon stalwarts, hey, I'm not gonna flare as much, I'm going to take certain things out. Now, as you go across that spectrum. Well, I'm changing my portfolio, I'm moving into clean energy. I'm doing things like that. So that's part of that decarbonisation. But the spectrum of what you go with depends on where do you fall on that? The third thing that is if I think about it, like so, I'm leaning out, I'm going to be more cost efficient, and everything I do, I'm going to make smart decisions. And then I'm going to be better at understanding my carbon footprint and how to prep. So that means the third thing is, I need to be intentional about how I leverage digital as a coordinator, to monitor execute, optimize all of these things. So those are kind of the three aspects around the operating model that we think we'll have, you're gonna have to deep dive on more.12:00Yeah. And I think that I think the creating efficiency being a lot more nimble requires a digital conversation, right? I guess you do, I don't think you can achieve whatever that objective is without a concerted effort into your digital conversation, right? Yeah,12:21I so I'm, what I'd say to is, there's probably no, sorry, you're gonna get more numbers, we start with four. And then we go to three things and but under that first one, that lean out the base business and drive capital efficiency, what we what I share in more detail in the in the article, though, is around to do that. There's three areas you need to focus on and mentalities you need to change. And so if I'm really going to lean out drive capital efficiency, what does that mean? First thing is this balance between value versus cost, I need to change my mindset around that. And when I say cost, in historical times, oil and gas companies were like, hey, market cycle happens. You know, market price is down, just slash my cost, just got. And I wind up making sometimes decisions that will bite me in the rear later in, in the future. But I mean, it's like, here's an example of one operator I worked with, in the height of 2015 2016. They're cutting all their facilities costs out on a pad. And the problem with doing that is a few years later, they're like, hey, I want to work differently. I don't want to touch every Well, every day, I want to be able to do more remotely, you didn't invest in the automation or the OT that you needed to be able to do a lot of that because you were focused on cutting down costs. So you have to be Yeah, this is where the value aspect comes in, you have to rethink and take time to do kind of what I call a structural reset. So I will still do some of those traditional cost taker. But instead of looking at just Lean Six Sigma, because that's the way to cut my processes, it's going to be about reimagining that process, streamlining and automating it, but also challenging how I currently work. So sticking with the unconventional since we I was just mentioning it. There's an approach called Agile manufacturing. Yep, not the factory model type thing and how I deliver wells, etc. So when I say, hey, we do this and unconventional Well, why wouldn't I think about that in my conventional assets as well? Are there aspects of how we iterate short cycle doing MVPs? Can we apply that to the traditional long lead that it takes to do a well design? And we've seen some companies starting to do that outside of unconventional portfolio applying it to a conventional so we need to see that happen. So that's the value versus cost. Then the other aspect of this lean out and capital efficiency is collaborate versus compete. So me, I've worked for a service company. I, I know this mentality of it's us versus them. We need to change that dichotomy. When oil prices are typically high A service companies come along and they're like, we're charging you more in low oil prices, operators beat up the service company. I don't see that working in the future. So the last Pharaoh standing, you need to drive every efficiency, you can drive...

Tom Bonny with Deloitte Consulting

This week, Josh and Ryan talk about the Carlyle group dissolving their relationship with the Berry Group, and Nate reads a statement from the Carlyle group.From the Carlyle group:"The Berry Group and The Carlyle Group have dissolved their relationship regarding the project to develop a hydrocarbon export terminal on Harbor Island, Corpus Christi, Texas. The Berry Group is now the sole owner of Lone Star Ports, LLC.  The Berry Group and Lone Star Ports have indicated that they are actively continuing to develop the Project.  Carlyle wishes the Berry Group success with the project.""The lawsuit against Carlyle... was dismissed."From our guest, Tom Bonny:Deloitte report - https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/deloitte-study-deciphering-the-performance-puzzle-in-shales.htmlDeloitte's website - https://www2.deloitte.comGet Nate wet:https://www.linkedin.com/feed/update/urn:li:activity:6593170169638502401(But don't, actually -- get all of your friends to review the show and get Ryan and Josh wet, too.)Help get Carl Icahn on the Texas Oil and Gas Podcast! - https://www.linkedin.com/posts/ryanraysr_texas-oil-and-gas-podcast-on-apple-podcasts-activity-6566108936435486720-2t0tConnect with Josh on LinkedIn - https://www.linkedin.com/in/josh-shelton-55925288/Connect with Ryan on LinkedIn - https://www.linkedin.com/in/ryanraysr/The Texas Oil and Gas Podcast on LinkedIn - https://www.linkedin.com/company/35588693/admin/We're looking for a new sponsor! Get in touch with us TODAY for a proposal - nate.hansen@gor2.comLeave a 5 star rating and review! - http://apple.co/2mkM3ASContact the show via text or voicemail - 318-599-9192Visit our website - http://www.texasoilandgaspodcast.com/Connect with Ryan - http://bit.ly/2lLX1uhConnect with Josh - http://bit.ly/2W90MgrBuy Ryan's book - https://amzn.to/2CBOtAoGet an interview on the Oil and Gas Contractor's Connect Podcast! - nate.hansen@gor2.comThis week's articles:https://www.chron.com/business/energy/article/Drilling-Down-Houston-company-makes-big-push-in-14548499.phphttps://www.cnbc.com/2019/10/23/caterpillar-earnings-2point66-a-share-vs-2point88-eps-expected.htmlhttps://www.currentargus.com/story/news/local/2019/10/21/earthquakes-linked-oil-and-gas-fracking-texas-study/3997627002/https://www.hartenergy.com/exclusives/ad-strategies-or-down-billions-capital-flowing-183602https://www.hartenergy.com/exclusives/range-resources-tacks-another-multimillion-dollar-royalty-sale-183551https://www.houstonchronicle.com/business/energy/article/Texas-Supreme-Court-to-decide-epic-legal-battle-14552259.phphttps://www.oilandgas360.com/deloitte-optimizing-shale-well-designs-could-boost-eagle-ford-and-permian-economics-by-19-23/https://www.reuters.com/article/us-carlyle-group-export-terminal/carlyle-group-quits-1-billion-u-s-oil-export-project-texas-port-official-idUSKBN1WX2B7

This week, Josh and Ryan talk about the Carlyle group dissolving their relationship with the Berry Group, and Nate reads a statement from the Carlyle group. From the Carlyle group: "The Berry Group and The Carlyle Group have dissolved their relationship regarding the project to develop a hydrocarbon export terminal on Harbor Island, Corpus Christi, Texas. The Berry Group is now the sole owner of Lone Star Ports, LLC. The Berry Group and Lone Star Ports have indicated that they are actively continuing to develop the Project. Carlyle wishes the Berry Group success with the project." "The lawsuit against Carlyle... was dismissed." From our guest, Tom Bonny: Deloitte report - <a href="https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/deloitte-study-deciphering-the-performance-puzzle-in-shales.html" rel="noopener nofollow" target="_blank">https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/deloitte-study-deciphering-the-performance-puzzle-in-shales.html</a> Deloitte's website - <a href="https://www2.deloitte.com" rel="noopener nofollow" target="_blank">https://www2.deloitte.com</a> Get Nate wet: <a href="https://www.linkedin.com/feed/update/urn:li:activity:6593170169638502401" rel="noopener nofollow" target="_blank">https://www.linkedin.com/feed/update/urn:li:activity:6593170169638502401</a> (But don't, actually -- get all of your friends to review the show and get Ryan and Josh wet, too.) Help get Carl Icahn on the Texas Oil and Gas Podcast! - <a href="https://www.linkedin.com/posts/ryanraysr_texas-oil-and-gas-podcast-on-apple-podcasts-activity-6566108936435486720-2t0t" rel="noopener nofollow" target="_blank">https://www.linkedin.com/posts/ryanraysr_texas-oil-and-gas-podcast-on-apple-podcasts-activity-6566108936435486720-2t0t</a> Connect with Josh on LinkedIn - <a href="https://www.linkedin.com/in/josh-shelton-55925288/" rel="noopener nofollow" target="_blank">https://www.linkedin.com/in/josh-shelton-55925288/</a> Connect with Ryan on LinkedIn - <a href="https://www.linkedin.com/in/ryanraysr/" rel="noopener nofollow" target="_blank">https://www.linkedin.com/in/ryanraysr/</a> The Texas Oil and Gas Podcast on LinkedIn - <a href="https://www.linkedin.com/company/35588693/admin/" rel="noopener nofollow" target="_blank">https://www.linkedin.com/company/35588693/admin/</a> We're looking for a new sponsor! Get in touch with us TODAY for a proposal - <a href="mailto:nate.hansen@gor2.com">nate.hansen@gor2.com</a> Leave a 5 star rating and review! - <a href="http://apple.co/2mkM3AS" rel="noopener nofollow" target="_blank">http://apple.co/2mkM3AS</a> Contact the show via text or voicemail - 318-599-9192 Visit our website - <a href="http://www.texasoilandgaspodcast.com/" rel="noopener nofollow" target="_blank">http://www.texasoilandgaspodcast.com/</a> Connect with Ryan - <a href="http://bit.ly/2lLX1uh" rel="noopener nofollow" target="_blank">http://bit.ly/2lLX1uh</a> Connect with Josh - <a href="http://bit.ly/2W90Mgr" rel="noopener nofollow" target="_blank">http://bit.ly/2W90Mgr</a> Buy Ryan's book - <a href="https://amzn.to/2CBOtAo" rel="noopener nofollow" target="_blank">https://amzn.to/2CBOtAo</a> Get an interview on the Oil and Gas Contractor's Connect Podcast! - <a href="mailto:nate.hansen@gor2.com">nate.hansen@gor2.com</a> This week's articles: <a href="https://www.chron.com/business/energy/article/Drilling-Down-Houston-company-makes-big-push-in-14548499.php" rel="noopener nofollow" target="_blank">https://www.chron.com/business/energy/article/Drilling-Down-Houston-company-makes-big-push-in-14548499.php</a> <a href="https://www.cnbc.com/2019/10/23/caterpillar-earnings-2point66-a-share-vs-2point88-eps-expected.html" rel="noopener nofollow" target="_blank">https://www.cnbc.com/2019/10/23/caterpillar-earnings-2point66-a-share-vs-2point88-eps-expected.html</a> <a href="https://www.currentargus.com/story/news/local/2019/10/21/earthquakes-linked-oil-and-gas-fracking-texas-study/3997627002/" rel="noopener nofollow" target="_blank">https://www.currentargus.com/story/news/local/2019/10/21/earthquakes-linked-oil-and-gas-fracking-texas-study/3997627002/</a> <a href="https://www.hartenergy.com/exclusives/ad-strategies-or-down-billions-capital-flowing-183602" rel="noopener nofollow" target="_blank">https://www.hartenergy.com/exclusives/ad-strategies-or-down-billions-capital-flowing-183602</a> <a href="https://www.hartenergy.com/exclusives/range-resources-tacks-another-multimillion-dollar-royalty-sale-183551" rel="noopener nofollow" target="_blank">https://www.hartenergy.com/exclusives/range-resources-tacks-another-multimillion-dollar-royalty-sale-183551</a> <a href="https://www.houstonchronicle.com/business/energy/article/Texas-Supreme-Court-to-decide-epic-legal-battle-14552259.php" rel="noopener nofollow" target="_blank">https://www.houstonchronicle.com/business/energy/article/Texas-Supreme-Court-to-decide-epic-legal-battle-14552259.php</a> <a href="https://www.oilandgas360.com/deloitte-optimizing-shale-well-designs-could-boost-eagle-ford-and-permian-economics-by-19-23/" rel="noopener nofollow" target="_blank">https://www.oilandgas360.com/deloitte-optimizing-shale-well-designs-could-boost-eagle-ford-and-permian-economics-by-19-23/</a> <a href="https://www.reuters.com/article/us-carlyle-group-export-terminal/carlyle-group-quits-1-billion-u-s-oil-export-project-texas-port-official-idUSKBN1WX2B7" rel="noopener nofollow" target="_blank">https://www.reuters.com/article/us-carlyle-group-export-terminal/carlyle-group-quits-1-billion-u-s-oil-export-project-texas-port-official-idUSKBN1WX2B7</a>

Episode 127 - Carlyle Group dissolves relationships | Supreme Court Case | Tom Bonny (Deloitte)