So, it turns out The Wall Street Journal doesn’t have a section in their fine publication devoted to coated components. But here’s the thing – what we do, what you do, it’s a BIG deal. So we’re not going to quit our day jobs, but we monitor what’s going on and post it here on our site. Make sure to bookmark this page, visit often and tell your friends. This is your hub for news and updates for the industry.
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By deploying lean manufacturing, oil producer Hess has shaved $400,000 off the cost of each North Dakota well in the past eight months. Hess says the technique will allow them to be profitable at $40/bbl for as long as eight years. Hess is Mirroring Toyota Manufacturing Process to Slash Well Costs By: Ernest Schedyer (Reuters) DENVER, April 2 (Reuters) - Oil producer Hess Corp has turned to a manufacturing process developed by automaker Toyota Motor Corp to cut costs and boost production as crude oil prices lag. Deploying a process called Lean manufacturing, and used by only a handful of other oil producers, the move has shaved roughly $400,000 off the cost of each North Dakota well in the past eight months, a savings that comes even as Hess adds more sand and frac stages on each well. It has also sharply cut the time needed to drill a new well. By mirroring Toyota, which pushed its employees relentlessly each day to focus on ways to produce cars cheaply and more efficiently, steps