As most of you know, I’m semi-retired. But I’m still active in the industry. I don’t drill much anymore, but I do write bids and procedures, design tools, and (my favorite) do occasional fishing jobs. I recently had lunch with a friend in the drilling business. We eventually got around to well prices. I asked him, when was the last time he changed his prices? “Ummm, a couple years ago, I guess.” I asked him if he was doing OK. He said that money is harder to make and hold onto, too, and his income was down.
When was the last time you stopped to figure out what it cost you to drill a well? He looked at me with a “deer in the headlights” look and said, “Well, I raise my price every now and then when my competitors do.”