Arkansas-based New Prospect Company specializes in oilfield consulting, engineering, project management, general oilfield construction, pipeline installation, roustabout services, well site supervision and consultation, including drilling (Air, Mud, MPD/UBD), completion, workover and production. The service company has served clients in the energy sector over the past thirty-four years.
New Prospect Company started in 1981 out of a need for higher-quality drilling in the Arkoma Basin. The then New Prospect Drilling Company entered a market in which success would be short-lived – given the petrodollar drain from 1979 into the early to mid 1980s – and survival would be hard fought.
New Prospect Drilling drilled its first hole in 1981. Three holes and four months later, rig two was put into action, and New Prospect Drilling started to establish a reputation for quality service, industry leading practices and introducing new technology to increase drilling efficiency.
New Prospect Drilling, under the leadership of owner Mike Oxley, completed a fifty-seven-degree hole in the hard rock of the Arkoma Basin. It was considered the most successful, highly-deviated hole at the time in that region. It was clear that New Prospect Drilling was willing to take calculated risks to achieve its customers’ end goals and project success.
In late 1981, New Prospect Drilling added a production services division to engage in pumping, roustabout and dozer services, adding to its repertoire and expanding its market reach again shortly thereafter, with the purchase of gas compressors.
Hundreds of holes were drilled in locations across the country with many miles of pipelines. The result was a bounty of satisfied customers and the recognition of rig operators for the consistency, speed and competitive costs of services from New Prospect.
In the mid-1980s, the oil boom ended. “That price drop in 1981 greatly reduced the income of the producers here in the US,” explained Health, Safety & Environmental Manager and Project Manager Jay Haynes. “It contributed to some of the worst economic slumps in the world during that time. Bankruptcies and layoffs plagued the whole business, but New Prospect Drilling survived.”
The price of oil dropped from $35 per barrel to $10 a barrel which was devastating to the industry. In 1986, of the 130 rigs that existed at the peak of the boom, only four remained in the Arkoma Basin, meaning very few companies survived the downturn. Though New Prospect survived those years, it was faced with large decisions that would affect the future of the enterprise. “It took more than just good rigs to surpass thirty years of good drilling and records; it took good people. The cohesive, hardworking team spirit among our people continues today to be New Prospect’s greatest asset.”
In 1991, when the market started to show signs of recovery, New Prospect Drilling increased the technological capacities of its production services division by incorporating ProData Online’s production data collection system into its daily operations. This enabled it to increase the effectiveness of client communication through the program’s daily production reporting.
The following year, the company expanded its operations by undertaking a more strategic and widespread approach to marketing, as the market showed signs of recovery from the previous downturn. New Prospect Drilling continued to do more business, enjoying increased demand for its services.
Customers wanted the company to increase its rig count. Oxley, citing the substantial capital investment required and acknowledging the small return this investment would generate, sold New Prospect Drilling to Nabors Drilling USA in April, 1998. This marked the company’s exit from the contract drilling sector, though the sale was structured so that all of New Prospect Drilling’s non-drilling assets were sold to New Prospect Company, and a new era began.
New Prospect Company began aggressively expanding into other areas of interest within the energy sector, later starting New Prospect Company’s Energy Services Division for oilfield construction in 2009, serving oil and gas companies working in the East and South Texas regions. As Haynes explains it, the core business is really problem solving.
Further diversification happened in late 2010 when New Prospect Company Engineering Group was formed, providing professional engineering services as well as environmental and regulatory compliance. In 2011, the company’s thirtieth year in operation, New Prospect Company established its land and marine division that does oilfield consulting in the Gulf of Mexico.
New Prospect Company has grown significantly throughout the years, experiencing tremendous success along the way. The company now operates out of six offices across the United States and serves customers in the Arkoma Basin, Anadarko Basin, Bakken, Barnett, Eagle Ford, Fayetteville, Haynesville, Marcellus, Utica, and a number of international locations.
New Prospect Company’s reputation for providing services that exceed its customers’ expectations results in repeat business and further facilitates the growth and expansion of the company. “I’ve realized more and more that customer expectations set the bar for customer satisfaction. If we deliver a service that exceeds customer expectations, you can bet that they’ll want to continue their relationship with us,” said Haynes.
New Prospect Company fully commits to clients from the outset of the relationship until project completion to ensure customer satisfaction. It offers initial installation of production equipment, pipeline repair, equipment replacement and even offers clean up services. New Prospect Company is there every step of the way, communicating with the client and efficiently delivering results.
New Prospect Company leadership feel fortunate to be able to start with good people who share the company’s values and commitment to quality and help the company maintain and grow its reputation. It boasts a multitude of professionals across various disciplines to better serve customers to evaluate, design and execute project goals. New Prospect Company’s associates are both committed to and enthusiastic about the work that they do.
The company has in-house engineering personnel skilled in petroleum engineering, oil and gas well analysis, well location, site assessment, drill site selection and geologic and geographic studies and analysis. It also has a lease operation management team, project managers, inventory control professionals and health, safety and environment professionals.
New Prospect Company makes significant human resource efforts when screening applicants, ensuring that prospective associates are not only qualified to work for the company, they have a valid driver’s license and ultimately, that they are the right fit for the company.
Prospect Company ensures that background checks are done on new hires using the eVerify system, in addition to conducting drug and alcohol screens in the pre-employment phase. Since 2009, it has adopted a third-party-verified drug and alcohol testing regimen, ensuring that incidents are avoided before they happen.
“We have a moral and legal obligation to provide a safe work environment and a competent workforce. Knowing whether a potential new hire has been involved in criminal activity, drug or substance abuse, reckless behavior, dishonesty, theft or dangerous or violent behaviors is definitely a cause for concern. Prior history is a good predictor of future performance, so ultimately when we hire the best people, we get the best results,” Haynes explained.
Haynes’ motto is, “Safety protects people. Quality protects jobs.” New Prospect Company has received a number of awards and recognitions for its commitment to safety, including the National Safety Achievement Award.
Haynes cites changing industry standards and regulations as well as changing attitudes when it comes to safety, especially over the past twenty years, as the reason the industry became far more proactive than reactive in terms of the safety measures. The company has adopted safety measures, conducted the necessary training and fully integrated safety into its daily operations to ensure associates make it home at the end of their shift.
“New Prospect Company has strong values, integrity and honesty. We know that honesty is the best policy. Our people are the source of our strength, so we work with passion, commitment and enthusiasm to earn the recognition from our customers, ensuring that we contribute to their success,” Haynes said.
He explained that New Prospect Company operates to the highest standards and ethical business principles. “Our success in our business is dependent on the trust and confidence that we earn from our associates and customers. We gain credibility by adhering to our commitments with honesty and integrity – reaching our company goals through honorable conduct.”
In the early years, New Prospect Drilling brought drilling efficiency, quality service and new technology to the basins it served. Today, it continues that legacy, proudly providing complete solutions for customers in the energy sector, exceeding their expectations and going ‘Deeper for Cheaper®’.