Personal Improvement – Gratitude: I am Thankful

For those of you in the USA, I would like to wish you a belated Happy Thanksgiving. We celebrated it last week with a quiet day at home, spending time with family and adding final touches to the Christmas display so we could turn it on Thanksgiving Night.

Gratitude-is-peaceIN

Gratitude

I am going to assume that a combination of it being Thanksgiving in the US and some smart marketing by  @ajjacobs for his new book “Thanks a Thousand – A Gratitude Journey” that made the topic of  gratitude continue to appear in my media consumption. From a podcast of Jacobs talking about his inspiration to write his latest book to memes on Facebook, both expressing gratitude and admonishing for expressing gratitude one day, then scrambling for doodads on Black Friday the next.

 

It got me thinking about how if you truly embrace the idea of gratitude, it helps to relieve stress and anxiety. Where @ajjacobs takes it to the extreme to thank everyone involved in his getting a single cup of coffee in the morning, you don’t have to be that exhaustive.

Be thankful for what you have. Or don’t have. But also remember to not use that as an excuse to stop pursuing your goals.

 

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What am I grateful for?

  • My Family. Without my family, I would not be who I am or where I am today. Specifically, my wife. She inspired me to strive to be greater. She inspired me.
  • My career. I have learned many things that have allowed me to grow outside of my job.
  • My health. Yes, I have medical issues, but I am luckier than a lot of people. As a benchmark, as morbid as it is, I have lived longer than my father and plan to live longer than my mother and grandparents did.
  • My friends. They make me laugh and encourage me.

 

What are you grateful for?

 

Please comment here on the blog about what you are grateful for. I would  like to know.

 

And, as always, let me know what you think in the comments. Ask questions, tell your story.

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Automation – Data Frequency: How “Real Time” Is Real Time?

Happy Finter from South Louisiana! Fall started to show up, but winter was riding shotgun! We went from highs of 81 degrees F / 27.22 degrees C to 45 degrees F / 7.22 degrees C AND clouds and rain. Christmas light show can wait a few more days to get set up.

Today we are going to go over Data Frequency and how it relates to aspects of drilling automation. How often we receive a data point for a given channel or curve.

 

Variations on Real Time

 

Ask someone what their definition of real time is and depending on their particular needs, you will get different answers. Some people feel that getting mud report data as checks are made is real time enough to keep them informed.

Others feel that getting a WITSML 1.3.x, (Wellsite Information Transfer Standard Markup Language), data feed that updates every ten to thirty seconds will be just fine.

Then there are others who are used to seeing the rig default of data coming in every 5 seconds and that is great!

Finally, there are those who opine for sub-second data frequencies to ensure valid tracking of rig component movement and calculations.

Depending on your particular needs, any of these might be valid. For a comprehensive approach, the platform should take into account the needs and requirements for the types of data being captured. It should be able to accommodate sensors or inputs that generate anything from one data point per day down to many data points per second.

 

(Just as an aside, I really like the way WITSML 2.x and ETP are shaping up for real time data)

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Data Frequency

The type of data should drive the frequency of data capture, in addition to what the usage of the data will be.

Some data doesn’t change very fast, so it does not need to be updated very frequently.

Things like wellbore and drill string geometry, fluid properties, and positioning data do not need to be updated every second or few seconds. In the case of drilling fluids, Density updates every one to two minutes is a decent frequency, whereas the oil/water ratio does not need to be updated as frequently.

Other data is constantly changing and depending the particular sensor, could indeed warrant the need for sub-second frequency data.

 

A good example for that need would be block position, which is used to calculate running speed or pipe acceleration. This is, in turn, utilized to calculate tripping hydraulics in real time.

The benefit of having the ability to do this based on sub-second data allows for simulating the micro-movement of pipe in tight window scenarios…too much down hole pressure, the formation breaks down, causing fluid losses and too little down hole pressure, the formation fluids/gases come into the wellbore, thus inducing a kick.

 

Logical Assumptions & Why It Matters

 

Not all data needs to be updated at a high frequency. As indicated in the above section, data frequency depends on how often the data changes. The higher the change rate, the higher the data frequency needs to be.

The main reasoning behind this idea is that you may miss significant changes in the data if your sampling frequency is too slow.

Below is an exaggerated example of missing changes to pipe acceleration (or Running Speed) due to sampling frequency. The data is fabricated, for illustrative purposes.

 

RunSpd-1s

 

In the image above, the running speed is a straight thirty feet per minute, with a data frequency of one data point per second. Everything appears smooth, with no issues.

 

RunSpd-SSv1s

 

In this image, I’ve added sub-second data to show that the smooth, steady running speed was actually not very smooth, it just appears that way due to when the data points were captured.

 

Because this data is not captured, it is not thought to have occurred. But if you don’t have visibility of it, you can’t know it is there.

 

The examples above are made up & exaggerated to prove the point. I have seen this play out over different data points in the drilling arena.

When we were first attempting to develop the Applied Fluids Optimization service, our original software would calculate tripping hydraulics at a one second frequency, but would only capture the data at a thirty second frequency. Running speed spikes would lead the software to calculate and display large pressure variations. When we would try to show these excursions after the fact, we could not because the thirty second frequency did not coincide with the actual deviations.

One more fluids-related example: Fluid density on a land rig. Land rigs are an exercise in economy, from an offshore drilling perspective. The rig crews are smaller, so there are less people to do a set number of jobs. The mud pits are smaller, contributing to the total circulating system being smaller. Because of this, it allows for less significant events to impact the fluid properties. The derrick hand is busy? He can’t dust up the density. The shaker hand is up on the floor making a connection? He didn’t adjust the flow on the shakers. Small system, less attention, more chance for changes.

The mud engineer, (person responsible for keeping the drilling fluid running within specifications), should be running four mud checks a day. So, we should see, at minimum, four density measurements…one every six hours. When we were conducting field testing on the DRU, we noticed that we had lots of variation and excursions in the density reading from the DRU where the mud engineer’s data showed fairly smooth trends. When we overlaid the two data sets, the mud engineer’s data matched almost exactly with the DRU readings, just that it missed the excursions.

 

Takeaways

  • More frequent data helps you to better understand what is going on
  • Depending on the environment, a data curve may need a higher frequency
  • Some data does not need to be high frequency
  • Choose your data focus wisely

 

And, as always, let me know what you think in the comments. Ask questions, tell your story.

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REI – Rehabbing A Property: Flipping VS. Renting

Welcome back to me! I was out for the last few weeks due to a combination of work and getting post-surgery treatment for my thyroid.

Today, I am going to go over some differences and similarities between rehabbing a property to flip it and rehabbing a property to retain as a rental.

 

home-exterior-renovation

 

Compare & Contrast

 

What is your “Plan A” for a property in a given situation? That is probably an easy question to answer if you only flip properties or if you only buy and hold them as rentals. Some investors do both.

Ultimately, you should already know what you want to do with your property. Then work on a “Plan B” and “Plan C”, just in case your Plan A doesn’t work out.

 

Compare

 

Whether rehabbing a property as a flip or as a rental, there are a lot of things that you would do the same in either case. Getting the main home systems in working order, such as plumbing, electrical, roof, HVAC, etc. You need these systems in working order and, with the exception of fixtures, don’t need a lot of variation between the two.

Structures should be stable, rooms may need to be added, and/or rearranged.

 

Contrast

 

Rentals

When rehabbing rentals, you want to keep things functional and not too expensive. Depending on the comparable quality of the neighborhood, you may go utilize a higher-end product in a higher-end neighborhood than you would in a lower-end neighborhood.

Especially if you have multiple rentals, you want to go for consistency to normalize your costs. Have a paint scheme, flooring style/type, appliance set, and plumbing & lighting fixtures as a standard so that time will not have to be wasted on trying to decide on colors & styles during rehab and turnovers. Your contractors or turnover specialists should already know what to use.

 

Flips

When flipping, you are attempting to renovate the property to a standard that will make someone want to buy the home to live in. With that in mind, you want to add finishing touches to a flip that you would not consider for a rental. This could include things like upgraded appliances, fancier light fixtures, premium paint schemes, and so on.

All of this assumes that you have the budget to achieve this and still make money on it.

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Plans B and C

I mentioned “Plan B” and “Plan C” above, so I just wanted to touch on that before wrapping things up. You should always have an exit plan. Or two. If you are planning to flip, be ready to rent or owner-finance. If you and planning to rent, be prepared to sell.

This is kind of second nature to me coming from the oil and gas industry. It has a direct physical basis, but can be applied metaphorically to pretty much anything.

Having an exit plan means not being stuck in harm’s way. When working on a drilling rig, this has life or death implications. Never put yourself in a corner where you cannot get out of the way of something.

I learned this the hard way when loading eleven and three-quarter-inch casing onto a boat when I first started out in the industry working as a roustabout.

For those of you who don’t know what casing is, it is the large-diameter pipe used to keep the wellbore pressure in and the formation pressures out when drilling and producing a well. Each forty-foot joint weighs approximately two thousand four hundred pounds.

The crane was set up to pick up four joints of casing at a time. Additionally, we were short-handed, so I would hook up the casing on the dock, then jump to the boat to help position it on the deck of the boat so it would stack properly for the ride out to the rig.

On one of the lifts, by the time I got onto the deck of the boat, the pipe was coming towards me and I did not want to be under ten thousand pounds of steel. I attempted to get outside the range of the swing of the crane, but realized that I had no more deck because we were loading onto the stern now.

I dropped down onto the deck, sitting, so that at least if the load dropped, the railing would help stop it from crushing me. I believe that maneuver startled the crane operator and he stopped the crane rotation, thus setting the load swinging like a pendulum. He immediately noticed this and started to drop the load as it got over the deck, but the casing had started to swing back towards the stern, where I was sitting.

The casing made contact with my left shoulder and chest. Luckily, it was only enough to bring out purple, yellow, and green bruises on me the next day, but no permanent damage.

 

The moral of the story? Have an exit plan that you can execute on.

 

And, as always, let me know what you think in the comments. Ask questions, tell your story.

 

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