P2 Energy Services, LLC: Company Profile

Background

Overview

P2 Energy Services, LLC is a leading supply chain solutions provider specializing in the oil and gas industry. The company offers a comprehensive range of products and services, including the procurement of quality Oil Country Tubular Goods (OCTG) from strategic domestic and international sources, and synthetic drilling fluids from preferred partners. P2 Energy Services is committed to optimizing supply chains through a blend of digitally-enabled solutions and strong, on-the-ground relationships.

Mission and Vision

The company's mission is to provide innovative supply chain solutions in an evolving energy industry. P2 Energy Services envisions driving efficiencies and maintaining a commitment to its guiding values, which include trust, stewardship, and entrepreneurship.

Industry Significance

With nearly 40 years in business, P2 Energy Services has established a proven track record for innovation, strong relationships, and dependable last-mile delivery. The company's history reflects its ability to adapt and lead in the dynamic energy sector.

Key Strategic Focus

Core Objectives

P2 Energy Services focuses on delivering end-to-end supply chain optimization, from forecasting through last-mile delivery, ensuring that clients remain ahead of market evolutions.

Areas of Specialization

OCTG Procurement: Broad procurement of quality OCTG from strategic domestic and international sources.

Synthetic Drilling Fluids: Provision of ESG-friendly synthetic drilling fluids that reduce total cost of ownership and environmental impact.

Key Technologies Utilized

Digital Tools: Development of platforms like P2Ecommerce and proprietary inventory management systems to enhance supply chain efficiency.

Forecasting Technology: Utilization of proprietary forecasting technology to anticipate inventory needs and manage complex supply chains.

Primary Markets Targeted

P2 Energy Services primarily serves the oil and gas industry, focusing on operators across North America, including major basins such as the DJ Basin and Haynesville Basin.

Financials and Funding

Funding History

Specific details regarding P2 Energy Services' funding history, total funds raised, and recent funding rounds are not publicly disclosed.

Notable Investors

The company operates as a wholly owned subsidiary of Sumitomo Corporation of the Americas (SCOA), indicating strategic backing from a significant industry player.

Utilization of Capital

While specific utilization details are not publicly available, the capital is likely directed towards expanding product offerings, enhancing technological platforms, and strengthening supply chain capabilities to meet evolving market demands.

Pipeline Development

Key Pipeline Candidates

P2 Energy Services has developed a portfolio of synthetic drilling fluids, including IOGP Group III non-aqueous base fluids, which are cleaner and more efficient than traditional diesel-based fluids.

Stages of Development

The synthetic drilling fluids are in the distribution and application stages, with the company actively supplying these products to various operators across North America.

Target Conditions

The synthetic drilling fluids are designed to improve drilling performance, reduce environmental impact, and lower operational costs in various drilling conditions.

Anticipated Milestones

P2 Energy Services has achieved significant milestones, including delivering over 22 million gallons of synthetic Group III non-aqueous base fluids into the DJ Basin and over 10 million gallons into the Haynesville Basin.

Technological Platform and Innovation

Proprietary Technologies

P2Ecommerce: An online marketplace for OCTG inventory, facilitating efficient buying and selling processes.

Inventory Management System: A proprietary system designed to enhance inventory accuracy and improve working capital management.

Significant Scientific Methods

Synthetic Drilling Fluids: Utilization of IOGP Group III non-aqueous base fluids, which are cleaner and more efficient than traditional diesel-based fluids.

AI-Driven Capabilities

While specific AI-driven capabilities are not detailed, the company's focus on digital tools and proprietary systems suggests an integration of advanced technologies to optimize supply chain operations.

Leadership Team

Executive Profiles

Brett Mendenhall: Chief Executive Officer. With over 20 years in the OCTG industry, Brett has held various leadership roles, including Executive Vice President of Sales and CEO at Pyramid Tubular Products. He holds a bachelor's degree from Texas A&M University and an MBA from Tulane University.

Erik Skoy: Chief Corporate Development Officer. With two decades in the energy industry, Erik specializes in strategic business development and operational improvements. He holds a Bachelor of Political Science from Brigham Young University and an MBA from the University of Utah.

Seth Merrill: Chief Commercial Officer. Specific details regarding Seth's background are not provided in the available sources.

Sjovissa Minnard-Lee: Chief Financial Officer. With over 15 years of experience, Sjovissa has held roles in public accounting and downstream sectors at ConocoPhillips. She holds degrees from McNeese State University.

Jeff Knox: Vice President of Sales. With over 10 years in OCTG distribution, Jeff has held positions at TMK IPSCO and Pyramid Tubular Products. He holds a Bachelor of Business Administration from Texas Tech University and an MBA from the University of Oklahoma.

Kelly Griffin: Vice President of Operations. With over 20 years in the OCTG industry, Kelly has progressed from Inventory Manager to Vice President of Operations. She is passionate about inventory management and process development.

Lisa May: Director of Strategy and Innovation. With 12 years in OCTG supply chain, Lisa focuses on leveraging technology to improve processes and user experience. She holds a Bachelor of International Studies and an MBA from Texas A&M University.

Jeremy Knudsen: Director of Technology. With nearly two decades in IT, Jeremy has led digital transformation programs at ExxonMobil. He holds degrees in Information Systems from Brigham Young University.

Elizabeth Silva: Lead Controller. With over 12 years in financial leadership, Elizabeth oversees financial reporting and compliance. She is a Certified Public Accountant and holds a degree in Accounting from the University of Houston.

Leadership Changes

Specific details regarding recent significant changes or appointments within the company's leadership are not publicly disclosed.

Competitor Profile

Market Insights and Dynamics

The oil and gas supply chain solutions market is characterized by a need for efficiency, cost-effectiveness, and sustainability. Companies are increasingly focusing on digital transformation and environmentally friendly products to meet evolving industry demands.

Competitor Analysis

P2 Energy Services operates in a competitive landscape with several key players:

Pandell: Provides software solutions for the energy industry, focusing on land management and accounting.

Enertia Software, Inc.: Offers integrated software solutions for upstream oil and gas companies, including accounting and land management.

LandPro Corp.: Specializes in land management software and services for the energy sector.

These competitors offer various solutions that overlap with P2 Energy Services' offerings, particularly in software and land management.

Strategic Collaborations and Partnerships

P2 Energy Services has established strategic partnerships with global manufacturing partners to source synthetic drilling fluids, leveraging its OCTG supply chain for storage and delivery.

Operational Insights

P2 Energy Services differentiates itself through its commitment to sustainability, offering products like Group III synthetic drilling fluids that are significantly cleaner than diesel. The company also emphasizes digital tools and proprietary systems to enhance supply chain efficiency, providing a competitive edge in the market.