Large oilfield services firms are in similar, or worse, positions.
The venture firm, famous for its investments in Facebook, Palantir, and Airbnb, also invested in RigUp, another oil services startup.
GroundMetrics surveys oilfields using its proprietary sensor systems that act almost like an MRI for geology, allowing operators to drill 10% fewer wells without reducing production.
All three companies leverage technology to provide operators with the data to improve decision-making.
New analytical models distill raw data into actionable advice.
That’s why these startups are doing well despite stormy macro conditions.
When oil is cheap, operators have to figure out how to produce it more efficiently.