Why is the business of oil & gas production ever-changing?
Oil & gas is an industry that is ever-changing because of commodity cycles, market forces, and simple supply and demand economics. The price swings and instability create incredible opportunities for anyone willing to capitalize on those swings. This is where my greatest gains have been made. The price instability, which is the only consistent component of the oil & gas industry, is actually what makes being in this business enjoyable. The ‘Wild West card game’ the oil & gas business has become is just plain fun for me.
What was the catalyst for founding PetroVista, and how is the business doing today?
I was born and raised in this business. Growing up in West Texas and a third-generation oil man, it is a part of my heritage. I founded PetroVista because I wanted to prove to myself and to my community that I could compete in the oil patch. I wanted to show everyone I could run with bulls.
I was born at the right time and in the right place to do this. PetroVista has leased and bought minerals and royalty interests in excess of 300,000 acres in West Texas, and we have doubled our revenue every year since 2009.
Why is PetroVista self-funded?
PetrovVista has always been self-funded, which provides me the opportunity to set my own course for the company. I had to learn how to make money without money at first. Once you have mastered that skill, anything is possible. One of our biggest strengths is the ability to stretch every dollar to maximize the return on capital.
As a business owner in such a competitive and always-changing industry, what are some of your business practices that have made the company a success?
Our business approach is very simple; it is mostly about opportunism. The economies of the world need our product for the foreseeable future, and this is not changing in my lifetime.
What is your advice to business owners that may help them avoid taking on too much?
Hire talent and keep them incentivized and feeling like part of a team. Hire the best, pay them well, and let them do what they do best. Most of my hiring is contractual, which allows me to scale up or down at any given time. Also, choose the right partners. For me, it is instinctual, but overall, it involves observing who is making the big moves in your industry. You want to gravitate toward them, and you want them to gravitate toward you.
What is next for PetroVista?
My goal is to always lead with an opportunistic approach. Have an open mind and find value in assets where others don’t. My next steps include putting a team together and opening to outside investment, whether that be formal private equity or ‘country club money.’ This will allow PetroVista to generate greater economy of scale. Our focus will mostly be in the mineral and royalty space—a unique asset class that most outside investors simply don’t have access to. Our partners and relationships are what we value most. Transparency with our results and gaining the trust of those we work with are our highest priorities. PetroVista will remain headquartered in Midland and maintain a presence in Dallas. The best is yet to come. We have a formula for success and a track record to prove it.
About the Expert
Born and raised in Midland, Texas and the middle of three boys, Blake Robbins is a self-proclaimed risk taker. He graduated from Texas Tech University in 2005 and is a second-generation Red Raider and a third-generation oil man. He later worked as a contract landman before independently buying up drilling rights to sell to oil & gas operators—a successful turning point in Robbins’ career. He founded PetroVista—a combination of the words ‘petroleum’ and ‘vista’, as Robbins had a “petroleum vision for his future.” Robbins moved to Dallas in 2017 where he continues to lead the day-to-day operations of his company, which is based in Midland. Outside of running PetroVista, Robbins works in traditional real estate and surface real estate and is currently raising capital to generate economy of scale to produce much larger results or profit scenarios in the oil & gas industry.
