In-depth Overview Of Oil & Gas Dynamics & Valuations
TWST: Let's start with the big elephant in the room, which is the oil spill in the Gulf. I know it's early in the game, but what's your initial take on it?
Mr. Minervino: I think the key here is that there is probably going to be some increased scrutiny and safety checks on this industry going forward. This is going to probably be more preventative measures, maybe more equipment redundancies. This industry has had an excellent safety record. There have been thousands of wells drilled and very, very few serious incidents up until this point. So what we are going to have to deal with going forward is probably increased scrutiny, more channel checks, potentially additional backup equipment along the way, and it will probably benefit the industry more going forward. Nobody wants to see this happen again - not the companies, politicians, investors or business owners who depend on the Gulf for their livelihood.
TWST: What will this mean for the industry?