Be Curious of All Data

Data is a major part of modern engineering, and oil and gas is no exception. We have loads of data: frac data, production data, drilling data, reservoir data, and on and on it goes. The thing about data is that it's only valuable if we take the time to analyze it and really try to understand what it is saying. Too often we look at the data with our mind already made up, rather than letting the data tell its story. When looking at data, we need to be unbiased and let it lead us to a conclusion, not the other way around. Sometimes the data tells us something that conflicts with our understanding, and this is when we really need to be critical and understand what is going on. It could be that the data is erroneous for some reason, but it could also mean that there is something below the surface (pun intended) that we are missing.

When looking at data, be curious and unbiased.

With that said, what data points do you have the seem to contradict your assumptions? Do you have a good explanation for this contradiction, or are you just ignoring the data that doesn't fit? If you don't have a clear explanation, I'd encourage you to be a little more curious and be willing to challenges your own assumptions. Who knows, there could be really big things just ready to be discovered.

Level-Up Your VLookups with Index-Match

I'm a nerdy engineer, and therefore it should come as no surprise to everyone that I really like Excel. I suspect many of you are nerdy Excel-lovers as well. If you are an Excel-junky you've probably come to appreciate the VLookup function, which allows you to find a value in a data set, and then return an adjacent value in a nearby column. It's an awesome tool, but unfortunately it has some limitations. If you want to really level-up your VLookup game, you need to start using Index-Match instead.

What do I mean by Index-Match? In a nutshell, these are two individual functions in Excel, "Index" and "Match". Index gives you the value in an array based on it's coordinates, and Match tells you where in an array a specified value is located. When you combine these two into a single formula, you can achieve the same thing as VLookup, but without the limitations. In other words, you get a more powerful version of VLookup.

If you've never tried the Index-Match technique before, it can seem confusing at first, so I'll give you a quick guide. Your formula should look something like this:

=Index(location of value you want to return [array], Match(value you want to lookup [cell], where the lookup value is located [array], 0))

Use this formula to create really powerful lookup functions that blow VLookup out of the water.

Invest In Information

All of us have big, costly decisions to make. Make the correct decision and you can make your company more profitable. Get it wrong and you cost the company money. Decisions are important, and therefore, having accurate information to work with also becomes important. There is major economic value in good information, and therefore we need to see it as an asset, just like a piece of machinery. Good information is something to be invested in, not an expense to be cut out of the budget.

Let's briefly talk about the difference between expenses and investments. Expenses cost you money, and after the fact you have little or nothing to show for it. The money is gone and it's not coming back. You should do your best to reduce your expenses. Investments on the other hand make you money in the future. Sure, they cost you some money upfront, but (hopefully) that money comes back to you, with profit, in the future. Investments are not something to be eliminated, rather they are something to be carefully and thoughtfully planned out.

Invest in information so that you can make more informed decisions.