November 2015

Risk Management

Improve plant operations with enterprise technology

In early 2009, the author was asked a rhetorical question by a senior executive with a major international oil company: “How do you run a business when your product unit price rises from $60/bbl to $140/bbl in the space of 14 months, and then drops to $40/bbl in less than six months?”

Neill, M., Petrotechnics North America

In early 2009, the author was asked a rhetorical question by a senior executive with a major international oil company: “How do you run a business when your product unit price rises from $60/bbl to $140/bbl in the space of 14 months, and then drops to $40/bbl in less than six months?” My reply was, “Well, that’s the oil business for you!” True enough, all of us have learned that being in this industry is a bit like taking a ride at the fairground, with a blindfold—and, as we have seen with recent oil price volatility, the ride continues. I have often reflected on the frustration of that senior executive and recognized the difficulties he faced with making decisions in an environment full of

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