FINALIST / OIL FIELD TECHNOLOGY
When NuTech Energy Alliance faced the economic downturn, its president and CEO, Allen Howard, led the company through the worst and helped it emerge as a more focused organization.
In contrast to the many companies laying off large numbers of professionals, Howard took the risk to strengthen NuTech’s organization and protect its distinct culture. He directed idle capacity to create multiclient area studies to keep employees engaged, which resulted in new revenue streams for NuTech during a time of low activity.
In addition, Howard led the effort to shift NuTech’s positioning from a product-based platform to an integrated service culture in which products became the tools for service offerings.
For years, companies have used certain technologies to look at conventional oil and gas formations and try to pull from the most economical formations.
Howard found a way through MRI technology to understand the liquids held within the shale and chalk formations that had been abandoned over the years. He used existing geological and geophysical data and applied NuTech’s technology to show the quantity of hydrocarbons in these areas and helped customers understand the fields, the economics of each are and the best way to capture the economic benefit of each area in the field.
Such innovative approaches enabled NuTech to ride out the downturn, secure employee loyalties and take advantage of the recovering market ahead of the competition. While 2010 was a year of recovery, NuTech set an all-time company record for revenue in 2011. ?
HOW TO REACH: NuTech Energy Alliance, www.nutechenergy.com