Mark: Hey, folks let’s learn something new about the oil and gas industry.
Today, we have a special guest on, we have Troy Ruths with Ruths.ai. How are you doing today, Troy?
Troy: I’m doing great. How are you doing, Mark?
Mark: Awesome. Now, Troy you do something that is absolutely fascinating to me and I know my audience has an interest in it. Tell me what Ruths.ai does?
Troy: So, Ruths.ai provides advanced content BI data science for oil and gas companies. It helps them do more with their data.
Mark: Yeah. And so, by doing more with the data you actually affect two things which I think is really cool. Number one you can drive cost down at the same time, you can drive production up.
Troy: Exactly. It’s a huge thing these days, I mean everyone’s margin is dropping into tighter zones, you need to do more with what you have and data is a really important thing that people collected over the past several years especially in this domestic space that they can do more with in order – like you said to drive cost down and improve production.
Mark: Yeah. And that almost sounds like magic, but I know it’s legit. And the thing about the oil and gas industry, we’ve always been a big data industry especially around the geosciences, but that data is always been silo, they never figure out how to use it effectively and you actually can do that?
Troy: Yeah. It’s not just siloed away from individual users, it’s also siloed between different functional groups within the organization. So, where you’re going to be able to apply data and see a lot of value gains is when you connect G&G with drilling.
So, by enlarge a lot of people like to sit in their own data and analyze that and there’s a lot of benefits to that especially in terms of automation of people’s mundane tasks that they need to do visualization filtering and analysis on. But, when you can start to connect the cross when you can start to ask questions like, okay, where are we in the zone and can I bring in some G&G data that I have to help my drilling folks understand how we can place these wells better is a huge impact.
Mark: Yeah. And then, the other thing that you do that is big in this industry even in this low crude price environment. You actually effectively can do knowledge transfer. Once you understand — we’re talking about geology, once you understand where that pay zone is you can then help companies replicate that which right now is being done is somebody’s head.
Troy: That’s right, yeah. So, trying to find best practices and product ties them internally for the company is a lot with analytics is about. So, people want to find ways to reproduce success and the best way to do that is to look at the data and understand the key factors that went into that success.
The alternative to that is you want to stay away from failures.
Troy: And, the contrary is also to failures can drive company dynamics just as much as success can. And, it’s tied to that that Lean Sigma idea that was founded by Toyota where we want to leverage data and processes and people in order to make better and more effective decision making.
It’s also important right now because people staffs have been reduced they need to produce more oil with fewer people. Well, that means that you need to have technology fill that gap.
Mark: Yeah, absolutely. So, Troy if people wanted to learn more about what you do, where should they go?
Troy: Well, check out Exchange.ai. That’s our online marketplace. There’s a lot of really great free resources. You can also check out our company website, Ruths.ai. And then, we also have an awesome technical blog with a lot of great tips and tricks, how tos, and who you can apply a lot of these BI in data science techniques on datashoptalk.com.
Mark: Yeah. And, folks we’ll put links in the show notes so you don’t have to be writing notes and doing all of it.
Mark: Troy, man, it’s only been a short time, but thank you so much. This is unbelievably valuable information. The price of crude start to creep up up there, if you’re an operator if you’re a service company, reach to Troy, he can really help you drive efficiencies.
Troy, thank you so much.
Troy: Thanks, Mark. It’s been great.
Mark: So, folks I hope this helped. We will see you next time.