The world population hit 8 billion people on Nov. 15, 2022. We, as an industry, are starting behind the eight ball. We need as many productive water wells as the groundwater management agency will allow in the West. New York would like to drill 6 to 8 million residential geothermal wells in the east to hit the state’s net zero goals. Beyond water and geothermal drilling, our industry requires drillers for mining, geotechnical, construction, and other industrial applications.
The infusion of money from the federal Inflation Reduction Act and Infrastructure Investment and Jobs Act has created many new opportunities for drilling companies to scale and diversify. The question becomes where to get the money. From a bank? Join forces with investors? Sell and become part of a larger company? All options have different impacts on the future of a family business. The goal is to avoid that massive equipment auction fade-away.