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• W4240959952 abstract "A Performance Incentive Contract That Pays Off For All Parties C.R. Krummrich; C.R. Krummrich Chevron U.S.A. Production Company Search for other works by this author on: This Site Google Scholar R.E. Johnston; R.E. Johnston Chevron U.S.A. Production Company Search for other works by this author on: This Site Google Scholar T.W. Crist T.W. Crist Kenai Drilling Limited Search for other works by this author on: This Site Google Scholar Paper presented at the SPE Western Regional Meeting, Bakersfield, California, March 1995. Paper Number: SPE-29663-MS https://doi.org/10.2118/29663-MS Published: March 08 1995 Cite View This Citation Add to Citation Manager Share Icon Share Twitter LinkedIn Get Permissions Search Site Citation Krummrich, C.R., Johnston, R.E., and T.W. Crist. A Performance Incentive Contract That Pays Off For All Parties. Paper presented at the SPE Western Regional Meeting, Bakersfield, California, March 1995. doi: https://doi.org/10.2118/29663-MS Download citation file: Ris (Zotero) Reference Manager EasyBib Bookends Mendeley Papers EndNote RefWorks BibTex Search Dropdown Menu nav search search input Search input auto suggest search filter All ContentAll ProceedingsSociety of Petroleum Engineers (SPE)SPE Western Regional Meeting Search Advanced Search AbstractThe Western Business Unit Bakersfield drilling department of Chevron, U.S.A. Production Company developed a drilling performance incentive contract that was implemented during 1994 in the Lost Hills field of California. The performance incentive contract (PIC) financially rewarded all of the drilling contractor's rig employees for outperforming pre-established drilling performance goals.The key elements of the performance incentive program are:Goals that trigger incentives are based on cost categories that are controllable by the drilling team;Goals were established using a database of past years performance;Goals that are not achieved negatively impact the incentive earned in an effort to deter repeated errors;Accidents that occur on the job negatively impact the incentive earned;Administration of the program is not time consuming.The results of using an incentive contract in the Lost Hills drilling program are;Time and cost of operations are reduced;The results are measurable and repeatable;A team environment develops in which ideas are shared and acted upon by crew members and supervisory personnel.IntroductionThe PIC grew out of a need to continue to reduce drilling costs during 1994 and improve upon past performance standards established in Lost Hills during prior years. Figure #1 illustrates a reduction in drilling costs on Diatomite wells (the most common well drilled) by 131% from 1991 through 1993.Changes in the drilling programs of past years that substantially reduced drilling costs included a revised drilling mud program, a uniform cement slurry design, a reduction in hole size and casing requirements, and many smaller drilling process improvements. In quality terms, all of the low hanging fruit had been picked.P. 485 Keywords: footage, drilling operation management, production co, team member, lost hills, performance goal, communication, depth range, upstream oil & gas, drilling program Subjects: Drilling Operations, Drilling operation management This content is only available via PDF. 1995. Society of Petroleum Engineers You can access this article if you purchase or spend a download." @default.
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• W4240959952 title "A Performance Incentive Contract That Pays Off For All Parties " @default.
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