To learn more about Genscape click here. A great interview with Hillary Stevenson w/Genscape about big data and market intelligence in the Oil and Gas industry and their event coming up in April 2016
Mark: Hey, folks let’s learn something new about the oil and gas industry.
Today, I have a very special guest. I have Hillary Stevenson of Genscape. How are you doing, Hillary?
Hillary: I’m good, good. How are you, Mark?
Mark: Very good. And we couldn’t get in the same town at the same time, so we do this via Skype.
Now, Hillary does something really fascinating. She’s an analyst for the oil and gas market for Genscape. And Hillary, today we’re going to talk a little bit about big data because everybody is talking about big data in oil and gas, but I know from the inside that even though historically especially the geosciences has big a big – has been a big data environment, the constraint is the analytics that oil and gas industry as a whole really never mind that data to get useful business information out of them. Well, now, with oil below $30 a barrel, all of a sudden any information is very vital. So, can we talk a little bit about what you see as far as big data in the oil and gas industry?
Hillary: Yes. Traditionally in the oil market, right? There’s not a lot of data or transparency out there especially not before like people like Genscape came along. We had to rely on like, you know, company investor reports or the EIA data of course is widely used and widely known or maybe some regulatory documents, you know, the FERC it does countrywide regulation, some states do regulation. But all of the data is pretty much, you know, wrapped up, it’s not very specific and it’s also very delayed. So, you’re relying on like three months delayed data or I mean the government does put out weekly data, but it’s a week delayed. So, you’re relying on that aggregate not on timely information to make estimates about what’s going on right now in the market.
Mark: Yeah. And so, with these low crude prices right now, the oil and gas industry as a whole started look at big data as way to help them and the industry unfortunately is a bit old fashioned, so the adaptation curb in this industry is slower than anywhere else. What have y’all seen as far as oil and gas industries have an interest now in this low crude price market to use big data to help their business?
Hillary: So, there are definitely some real time events that have kind of made this emphasis on big data in real time specific regular data important to what’s going on. So, you think about like the BP that just sort of shadow the market. Anytime the FCC and Bayway which is a huge gasoline producing on the East Coast, anytime that thing goes down, you know, the news outlets are all over it, the market is, you know, immediately responding to what’s going on.
Always, you know, they look at like crude oil storage in Cushing, Oklahoma which is like very costly, very well-known site in the world, it’s kind of like my favorite spot in North America. But, people looking at that on a weekly levels to gauge how much supply is there gives them the WTI contract which is making waves in the market. You know some – I think like two weeks ago, we saw, you know, crude oil storage in the US has been building, but there is this small draw down in Cushing inventory, so that was an opportunity for the WTI price to get a little bit of relief from the, you know, low environmental for the last, you know, what? Year, half a year?
Mark: Yeah. Really cool stuff. Now, a lot of my audience has a fascination around this and y’all are actually doing an event out in April in Chicago, weren’t you?
Hillary: Yes. We’re doing an event in Chicago in April and it’s the first time we’re going to do an event against all of our commodity classes. So, we provide what you consider big data for — we started with power, now, we do oil and natural gas. So, we’re doing a two-day conference in Chicago. It will have a dedicated streams where each of those different commodity focuses a bunch of panels, a bunch of top leaders, a bunch of, you know, good opportunities for people to discuss what’s going on, discuss what they’re seeing in data trends like what data do you use, what data is good, what data is bad, what should I be looking for, what do I – what’s out there that I don’t have that I should have.
Mark: Yeah. And so, this event is so monumental that we are actually going. So, if anybody wants to join me in Chicago in April, hit me up on Twitter, we’ll connect in person.
Hillary, I really appreciate your time today. If somebody wants to learn more about you and Genscape and what you all do, where should they go?
Hillary: Yes. So, checkout our website, it’s www.genscape.com.
Mark: Yeah. And, folks we’ll put a link in the show notes, so you don’t have to take notes.
Hillary, thank you so much.
Hillary: Thanks, Mark. See you in Chicago.
Mark: Folks, I hope this helped. We will see you next time.