Business Gains Are Doubled When They’re Done With Love

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Co-authored by Francesca Crozier-Fitzgerald, staff writer at Round Table Companies.

Last week I was talking to a close friend and colleague, Erik Harrington, about leadership — how he encourages his team toward growth, how he shows up and is present for every patient that sits in the dentist chair, how he saves energy to serve as a father and husband at home. By the end, what we were actually talking about was love. Could they be interrelated? Can you lead with love? He brought me back to the moment that connected the two for him:

First of all, do you remember Field Day at the end of the school year? It was a day filled with water balloon tosses, potato sacks, relay races; the sticky aftermath of red and orange Popsicle mustaches and cotton candy claws. It was the day that the athletically advanced could gain bragging rights, and somehow, the same kids always came out on top. The tallest, broadest, most popular kids really shined on Field Day. The most coordinated kid won the tosses, the fastest won the race. Let’s call him David.

Erik remembers being 10 at his elementary school’s Field Day, rounding the final curve of the race with about 50 yards to go, slated about 10 yards behind David. For those that have never participated in a running competition, these final moments of the race are best defined as pure agony: your legs are heavy as cement, your arms went numb thirty seconds ago, and your lungs, well, they’re sucking hard to bring in air through a passage that feels like the width of a pencil point. On this final stretch, Erik saw his opponent ahead of him. He thought, it’s probably best to just take second, that feels safe, that feels right. He’d been there before, and he could settle for that again.

Then another voice crept across his consciousness, perhaps because of a lack of oxygen. It whispered, you have more in the tank than you think you do. You can give more than you think you can. You can give everything you’ve got. With the proper mix of true grit, wild abandon, trust, and motivation, Erik found what it meant to break away from physical and mental limitations, and to give something everything. He won by one foot because he put one foot further than he thought he could.

Erik doesn’t know where David is today in his life, or how that race may have changed David’s path, maybe it didn’t change him at all. But for Erik, the compass was recalibrated. He started listening and trusting that other voice, the one inclined to put in everything he had, and the choice has brought him to some interesting conclusions. Firstly, he’s found that it doesn’t always mean winning; sometimes you give something everything, and you still end up second, you still lose the girl, you relapse, you’re laid off. But most importantly, if you go into the race with a little more faith in your potential, a little more love for yourself, a little more love for the ones cheering for you, the investment will be worth your while. Your guts to take this path will leave an impact.

Loving and leading this way is a risk, no doubt about it. It’s a risk for your personal relationships, it’s a risk for your professional reputation, it’s a risk for your self-esteem. It’s not comfortable. Instead, it’s about finding what level of discomfort are we comfortable with. Going down the road to loving a lot means that you’re more invested, more exposed to getting hurt. But what’s the alternative? To not love not at all, or loving less freely, less completely, living alone? Isn’t this the same as hurting, potentially, all the time? In Erik’s opinion, the former is a risk worth taking, a free-falling plunge he’s willing to fall into backwards, eyes closed. Why? Because whatever the investment may be — financial, emotional, physical, spiritual — the gains are doubled when they’re done with love. At home with his wife and kids and at work with his patients and team — his two families that simply go by different names — Erik’s method of leading with love is working. It’s about giving everything you’ve got.

I’ve mentioned before that my greatest undertaking for 2015 has been working with my team of writers at RTC to write my book, Leading with Love. We are familiar with the concept at RTC. It’s been our mantra for the past two years, and we are lucky enough to watch it in action and feel its impact every single day with our clients. But when I met Erik at Conscious Capitalism in the fall, I was stunned by how effortlessly our values aligned despite our varying professions. We are a storytelling company, he is a dentist. We support our clients in sharing their message with words on the page, Erik and his team are restructuring the patient’s experience, finding the time and space to value the body on the receiving end of their care. He is adamant that this starts with love.

If you break it down, leading with love calls for heightened consciousness (might explain why two like minds found one another at a conference called Conscious Capitalism). It’s about listening, but even more importantly, it’s about actually hearing what is being said. It’s about making time to listen, and space to process what you’ve heard. When you are conscious and present for the other human being a different conversation transpires. It’s one of trust. From trust, grows a community and with a trusting community, you gain a culture. Much like the Field Day race, there are no short cuts to achieving trust, to strengthening community, or creating culture. You simply have to love what you do and grow toward it.

As we talked, Erik said something that struck a nerve. He said, “Corey, what I love most about what I do is listening to people. What I love even more is that they know, by the end of our conversation, that I cared about what they had to say.” That’s what it takes to lead, be it from your doctor’s chair, your fancy Herman Miller CEO chair at the head of the oak table, or from the front of the classroom, with love.

Rand Stagen recently said to me that leaders get the organization they deserve. If you’re focused on the profit of your work, things are only good when there’s a profit. But, if you’re passionate about the purpose of your work, you can always look in the mirror and be proud of your day.

We have to trust that our bodies and minds can push further than we think they can. We have to trust that we can give everything we have to something we love. And we have to trust that that love will translate into leadership.

Tuscaloosa Marine Shale Fracking Slows as Operators Watch Oil Prices

When crude oil prices sank this winter, companies scaled back their fracking plans in the Tuscaloosa Marine Shale deposit, running from central and southeast Louisiana into Mississippi. Exploration and drilling is mostly on hiatus there until crude rebounds, industry members said last week. Oil dropped below $45 a barrel on the New York Mercantile Exchange in late January from over $100 last summer. In early February, prices were edging up again.

TMS activity has slowed to a snail’s pace for the most part, Baton Rouge-based landman and minerals consultant Dan Collins said last week. Capital spending by Goodrich Petroleum, Encana Corporation, Halcon Resources and others this year will be smaller than initially planned, he said.

Horizontal drillers access oil and gas reserves in “tight” formations of nearly impervious rock, Collins said. “They get the majority of their production out in the first 18 to 24 months, and after that output tapers off dramatically,” he said. In comparison, conventional wells tapping freely-flowing supplies have longer lives.

If oil prices stay weak for awhile and national drilling activity shrinks, U.S. oil inventories could decline sharply within 18 to 36 months, Collins said. Oil industry members think prices might shoot up in response then. And crude would bounce if Organization of the Petroleum Exporting Countries, led by Saudi Arabia, decides to limit production, he said.

Alberta, Canada-based Encana is scaling back its TMS activity for now and concentrating on deposits elsewhere. “Given the price environment, this year we’re spending about 80 percent of our capital on key areas that provide us the best returns — the Montney and Duvernay in Canada and the Eagle Ford and Permian in Texas,” Encana spokesman Doug Hock in Denver said last week. “In the TMS, we expect to spend between $50 million and $70 million and to drill two to five net wells this year. Last year in the TMS, we drilled about twelve net wells and spent over $100 million in capital.”

As for oil’s price impact on its jobs, “Encana had about a 20-percent, corporate-wide staff reduction at the end of 2013, putting us in a better position than some others in the industry,” Hock said. “No layoffs are currently contemplated.”

On Jan. 30, Houston-based Goodrich Petroleum said capital expenditures will likely be $90 million to $110 million this year for exploration and drilling, including about $10 million for leaseholds and infrastructure. That’s down from its early-December spending projection of $150 million to $200 million. Goodrich is considering a sale of its Eagle Ford assets in Texas. But it remains fairly upbeat on the TMS, saying in late January that its well costs there have declined and its entire, oil-directed allocation is to that deposit.

“We will spend $73 million to $93 million in the TMS this year to fund a one-to-two-rig drilling program, with varied working interest wells,” Daniel Edwards Jenkins, investor relations director at Goodrich, said last week. That’s versus projected TMS spending of $137.5 million to $180 million in early December. “We’re spending almost all dollars to drill about eleven gross TMS wells,” he said.

What about plans by New Orleans-based Helis Oil & Gas Co. to drill northeast of Mandeville, La.? “The company’s first proposed TMS fracturing project, off of Highway 1088 in St. Tammany, hasn’t been fully permitted yet,” Helis spokesman Greg Beuerman said last week. “No exploration or production activity is associated with it yet. The price of oil, however, has no bearing whatsoever on plans to move ahead with the well’s permitting and completion, in alignment with legal and regulatory requirements.”

Beuerman said current oil prices don’t affect what Helis believes will be a productive endeavor that helps reduce dependence on unstable foreign sources, while keeping gasoline prices low.

For the industry as a whole, however, fracking slows with crude at $75 to $80 a barrel, and it continues to decline as oil dips under $75, Robert Gilmer, director of University of Houston’s Institute for Regional Forecasting, said at a Nov. 20 institute symposium. He cited a survey of 100 North American oil producers last fall by Houston-based energy investment bankers Tudor, Pickering, Holt & Co. “Only four percent of the survey’s respondents indicated their forward-planning price for oil was under $75 a barrel,” Gilmer said.

Some oil-directed fracking would occur at $65 to $70 per barrel, however, keeping the industry busy enough, Gilmer said last week. “Everyone expects to see $80 oil again,” he added.

To resume its TMS activity, Texas-based Comstock Resources wants to see oil at $80 or more. “TMS is on hold for us now,” Gary Guyton, the company’s investor relations director, said last week. Comstock won’t drill any further there until prices rise. “I believe we’d need to see $80 to $85 a barrel or higher before we would consider drilling,” he said.

To protect themselves in advance against price changes, fracking operators can use oil and natural gas futures and options to hedge bets, by taking positions that are opposite their physical stances. “Some of the companies have hedged their oil sales, and some may still be receiving higher-than-spot-market prices, which might help them through the oil price downturn,” Collins said.

In December, Goodrich said 3,500 barrels of oil a day, or 52 percent to 55 percent of its expected output in 2015, were hedged at $96.11 per barrel. But Comstock’s Guyton said his company hasn’t hedged its TMS production. Several other operators last week declined to say what they’ve done.

In northwest Louisiana, fracking depends on natural gas prices, which collapsed in late 2011 and remain weak, Gilmer said. Haynesville shale drilling near Shreveport is mainly for natural gas, while TMS drilling along the southeast Louisiana-Mississippi border is mostly for oil. “The current downturn in oil-directed drilling should help natural gas prices,” Gilmer said. “That’s because much of the recent natural gas output has been as a byproduct associated with oil.”

“Plans to export natural gas to foreign customers through major projects at Lake Charles, Louisiana, Sabine Pass and Freeport, Texas should also help get natural gas prices back up,” Gilmer said. Billions of dollars of investments in liquefied natural gas facilities and shipping terminals along the southwest Louisiana-Texas border have been announced in recent years.

Oil-oriented TMS drilling is in its infancy while the Haynesville play has languished since gas prices dropped several years ago, Greg Albrecht, chief economist with Louisiana’s Legislative Fiscal Office, said last week. But Louisiana produces over 60 million barrels of oil annually, of which nine percent is offshore, and every $1 a barrel sag in crude prices over a fiscal year cuts state revenues by $12 million, he said. end

This post was originally featured in The Louisiana Weekly in the Feb. 9, 2015 edition.

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