The RZ Interview: Family E&P Prospers Even in Tough Oil, Gas Market
Rigzone: Throughout its 35-year history, has Texakoma always been debt-averse?
Keaveny: I think it was the ‘80s that showed us debt can be scary when things turn, and so we’ve worked to minimize that as much as possible. We’ve focused on doing things in the most economical way possible, really spending our money on the research and development, which has enabled us to drill successful wells, to make relationships with vendors to have great drilling and completion costs, (and) that has made it more economic for us.
Rigzone: Texakoma has also focused on a few assets instead of spreading its interests around – something more companies seem to be doing in response to the downturn. Was that the intent from the beginning?
Keaveny: (During the 1980s) we got into the San Juan Basin area of New Mexico. That was one of the first times the company was large enough to continue to build acreage onto an area. And that was one of the things we saw. What we learned in the San Juan Basin was that investing in research gave our staff the tools they needed to achieve a repeatable success over a large area. That is the philosophy that we are looking to repeat (in the Permian Basin).
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