TRUSSVILLE, AL- SPOC Automation, a company located in a quiet Birmingham suburb of about 20,000 people, is the largest artificial lift control manufacturer in all of North America. “Artificial lift” is the process used to increase the flow of liquids coming out of a well, or, as SPOC Automation describes it, “technology that allows users to get more product out of the ground.”
Bobby Mason founded SPOC Automation in Trussville in 2001 when the price of a barrel of oil was near an all-time low. Mason and a handful of industry veterans were working with motor controls in the coal bed methane industry on a job site near Tuscaloosa when they discovered a way to engineer sensorless pump off control software (SPOC). Their discovery drastically reduced energy consumption — and costs — for its users. So while many people were getting out of the oil and gas industry, Mason recognized it was an ideal time to release his team’s product to improve oilfield production. Some 15 years the company is a global leader in the oil and gas industry.
“Our livelihood for the past fifteen years has been dedicated to both the domestic and international oil and gas industry,” said Mason. “However, our roots actually run deep in the nonconventional gas fields of the Black Warrior Basin of West Alabama.”
Due to product demand, the company’s staff has recently doubled in size, with more than 70 jobs created over a three-year period, and their team of designers and engineers continues to innovate.
Most recently, they created a cloud-based software called ‘Well Optix,’ which allows customers 24/7 access to well conditions, production information and the ability to make updates to artificial lift controls.
While the recent decline in oil prices has affected the oil and gas industry, SPOC has been able to capitalize on the fact that their Alabama-made products save oil-producing companies large sums of money on their electrical bills. By automating the process with SPOC products, they can not only drop electrical costs but also increase production by many barrels of oil per day.
“Many people ask me if I have trouble sleeping at night due to the unforeseen future of the oil and gas industry,” said Mason. “Truly nothing keeps me up at night because I know who is ultimately in control, God. He has me leading SPOC, with an incredible, hard-working team right here in Trussville, and I consult with Him regularly. Therefore I have no reason to worry.”
Under Mason’s steady leadership, the accolades for SPOC have rolled in. The company was named to Inc.’s annual list of the fastest-growing companies in North America in both 2014 and 2015. SPOC has also been a two-time finalist for Alabama’s Manufacturer of the Year Awards, which are presented by the Alabama Technology Network and the Business Council of Alabama (BCA).
“SPOC Automation is a leading manufacturer both in Alabama and in North America,” said BCA President and CEO William Canary. “SPOC Automation has a proven record of superior performance and operational excellence, and we are proud they are members of the Business Council of Alabama.”
A former executive of Lufkin Industries, a manufacturing company based in Texas that joined GE Oil & Gas in 2013, recently called SPOC Automation the “best kept secret in the oil and gas industry.”
If the company continues to grow, they won’t be much of a secret anymore.
“The oil and gas industry is sure to change in the future,” said SPOC Automation Vice President Ted Wilke. “When it does, SPOC will be adapting to ensure that our applications fit our customer’s needs, not only domestically- but also internationally.”
If we didn't know better, one would think they intend to fail and drive down the share price. Losers have a sense of delusion to actually believe they are wonderful managers. But the rest of the world laughs at them and write business school cases of failed companies to teach students how NOT to run a business. Too funny!
Without some new business, the old stuff is ending. And to run the stock into the ground, management is only hurting themselves. So one can only assume that they are incompetent and can't seem to diversify their business. The mm's are playing with this stock, why I'm not sure since they can't make any real money with this one. A cluster.....
You too. How a bunch of well educated folks can screw up so badly is the mystery? There is no evidence that they even care as they hold stock shares. Guess it is true that people rise to their level of incompetence! Lol, have a good holiday season.
ENGlobal Corp. (NASDAQ:ENG) announced its success in being awarded three new projects in late November with a combined value of approximately $6 million. This new work for the Company’s Automation Segment serves to illustrate its wide range of expertise in both engineering and fabrication, and in the key areas of electrical power, control systems and process analytics. More specifically, ENGlobal has been selected by a major refining client in the Rocky Mountains to design, fabricate and supply a modular Power Distribution Center, which is needed to provide critical electrical switchgear for their operations.
ENGlobal Corp. (NASDAQ:ENG)’s stock on 11 December traded at beginning with a price of $1.05 and when day-trade ended the stock finally fell -1.89% to end at $1.04. ENGlobal Corp. (NASDAQ:ENG)’s showed weekly performance of -7.14%.
With the downturn of the oil industry one really can't blame management for poor performance. It's not their fault, in fact, they deserve a raise or perhaps more shares of basically a worthless stock. Maybe opec will change their minds and constrict the supply.
Thought it was $25 million? So their revenue will continue to cover 400+ employee salaries? Sounds like the burn rate short of some real business is now extreme.
7:49 am Jacobs receives contract option w/ a potential value of $127.8 million and also receives contract for Biogen's (BIIB) new manufacturing facility in Luterbach, Switzerland (JEC) :
Co receives a modification to extend the Engineering and Science Services and Skills Augmentation contract at NASA's Marshall Space Flight Center in Huntsville, Alabama.
The contract modification is for a one-year option with a potential value of $127.8 million.
The option began October 3, 2015 and extends through September 30, 2016.
Under the terms of the ESSSA contract, Jacobs is providing science and engineering and technician support at MSFC.
Co also announces that it receives a contract to provide engineering, procurement and construction management services for Biogen's (BIIB) new manufacturing facility in Luterbach, Switzerland.
Under the terms of the agreement, Jacobs is providing EPCM services for Biogen's fourth manufacturing plant.
Work on the facility was expected to begin in late 2015 with the plant fully operational by 2021.
If you read their reports they have 25 m in cash and equivalents. Now since then they could have cut into that amount. My game is they have contracts ending and no new real revenues. So what might be your game? Can you calculate cash burn and how long they can go without debt? Love to hear your take on the short and long term outlook for this company?
I agree, but does management care? Their contempt for shareholders is stuff for Harvard Management case studies. Diversification is an absolute direction right now.