Scott Sheffield’s Five Tips for Petroleum Engineering Students
1. Don’t Rush to Get Your MBA
I tell students that, in addition to getting their basic training in the various petroleum engineering disciplines, they should consider learning more about the business side as well. But that doesn’t mean you should rush out and get an MBA right after you get your undergraduate degree. For your first three years after graduation, you will be trained in some of the same disciplines you learned as an undergraduate, giving you opportunities to go out in the field and apply that training in the real world. My advice is to go to work, get some practice and let your employer help you determine the best career path for you. They may even offer to help you complete an MBA program.
2. Limit Your Risk in an Already Risky Business
When people ask me what the biggest risk in our business is, it’s an easy answer — commodity prices. Our industry frequently deals with fluctuating commodity prices, and oil has been very volatile over the last several years. We’re making trillions of dollars in investments around the world to supply the world’s energy demand, and we have no idea what the price of the commodity is going to be. We’re one of the few industries that has to deal with that, and it’s always going to be a risk. I’ve learned that you need to have a great balance sheet to make sure you never get overleveraged.
3. Experience the World
I was raised internationally, and that experience has had a remarkable impact on my career. My father worked for Atlantic Richfield Company (ARCO), and in 1965, when I was 13 years old, he moved our entire family to Tehran, Iran. I spent my formative years in Tehran and have a lot of wonderful memories of that time — including learning how to ski, which is still my favorite sport — and I graduated from high school there in 1970. When you immerse yourself in another place, you learn how to work with different people and cultures. That global experience is one of the reasons I took Pioneer international about 20 years ago. I saw opportunities outside of the U.S., and I was able to work with our global partners to make it happen. In today’s energy industry, it’s crucial to have a global perspective.
4. Educate Yourself on Environmental Issues
It goes without saying that addressing environmental concerns has been a significant challenge for our industry, particularly over the last 10 years. It is so important for today’s petroleum engineering students to learn as much as they can about environmental issues so that they can, in turn, educate the rest of the world about the importance of our industry. We need to acknowledge that the climate is changing and develop new methods for limiting impact on the environment, but future leaders will also have a responsibility to teach people about the many great things our industry is accomplishing around the world. By serving as role models who can lead this conversation, students today will inspire the following generation to continue pursuing careers in energy.
5. Recognize That Great Leaders Don’t Know Everything
The most important trait of a great leader is humility. No matter what, you should always remain humble and treat everyone in your organization — from top to bottom — with equal respect. Developing trust is also crucial, so you should be highly ethical and promote open communication amongst your employees. Most leaders talk when they should be listening – be willing to listen. And never stop learning. Always ask questions and absorb as much information as you can. I read seven newspapers every morning, just to get an idea of what is going on around the world. Great leaders recognize that they don’t know everything, and they never will.