Luther Birdzell
๐ค SpeakerAppearances Over Time
Podcast Appearances
So we drill, we learn more from the data we already have.
Then we go do some things differently.
The only thing you're guaranteed, Nathan, when you drill an oil well is data.
So, no, they'd be out of business.
That's not really the way the industry works because of the way the land leases are set up.
You have to continue to drill to โ or otherwise your leases become โ get invalidated.
So if I'm leasing land to you and you just drill one well, well, there's all that revenue.
I only get the โ that lease is based on the revenue generated by the wells in that lease.
So as the leaseholder or as the lease owner, the landowner, when I lease, I want to make sure that you're going to drill enough wells โ
for this to make economic sense for me, the landowner.
So churn, I mean, we're defining churn as people who've signed up, who then cancel subscriptions.
Yeah, no, that's fair.
Yeah.
Of the companies who we have signed up in annual contracts, all of them are still in those annual contracts.
No, we have, they're still at the, we're getting to our, we're approaching our first renewals and it's looking very good.
So we launched our go to market in early 2007, Q1 of 2017.
Um, you know, we did a couple of years of R and D and then through the downturn, um,
Things just slowed down.
So we continued to focus on R&D and improving and keeping things alive.
And we went to market in the beginning of 2017, signed up our first three customers by the middle of 17.