Steve Jordan, Chairman of the Board

Steve Jordan is the founder and chief executive officer of Jordan Oil, Central Crude, Louisiana Tank and Louisiana Geothermal, with offices in Lake Charles and Houston. Steve is the Chairman of Louisiana Oil and Gas Association (LOGA), a role he assumed in March of 2010, as well as a member of the Board of Directors for Louisiana Business and Industry (LABI). Steve is also the president of the Vacuum Truck Carriers of Louisiana.

Steve has been among the Gulf Coast’s leading oil and gas industry practitioners for more than 30 years, consistently growing his businesses through the boom and bust years of the last three decades. Under his guidance, Jordan Oil has become one of the largest natural gas and crude oil developers in South Louisiana. Similarly, Central Crude is currently the largest crude oil purchaser in the state and the largest independently owned business in the Lake Charles area. Louisiana Tank is the largest liquid oilfield waste disposal company in the state of Louisiana.

Steve owes his success to an unmatched knowledge of the industry, a tremendous work ethic and a willingness to embrace new ideas and technologies.

Most recently, Steve has overseen the extension of a traditional oil and gas conglomerate into his most recent venture in the renewable energy sector with Louisiana Geothermal, the first geothermal-geopressured project of its kind in the state.

Steve Jordan-owned companies also participate in their host communities. Steve encourages his employees to be active in community service, and charitable contributions target organizations that enhance the quality of community life.

Steve’s management skills, coupled with his wealth of knowledge and experience in oil and gas exploration and production, has invited the respect and deference of industry veterans from all over the energy-rich Gulf Coast.

 

Chairman's Corner

WINTER 2010

In the past year, oil & gas related businesses across the state experienced a number of hurdles that seriously challenged the viability of the industry as a whole.  From the imposition of a federal drilling moratorium to declining energy prices, 2010 was most certainly a year we all watched cautiously.  With a few positive developments unfolding, the potential for next year paints a more optimistic outlook for Louisiana’s oil and gas industry.

 

The greatest threat to Louisiana’s oil & gas industry was the federal drilling moratorium imposed early this summer.  As you know, in light of the tragic sinking of the Deepwater Horizon rig, President Obama and the U.S. Department of Interior instituted a moratorium on deepwater drilling in the Gulf of Mexico.  As Washington decided how to respond to the oil spill, the moratorium had a devastating effect on Louisiana’s families, businesses, and economies.  Stagnant growth and uncertainty overshadowed Gulf Coast businesses of all sectors and sizes.  With mounting pressure from industry and Gulf Coast elected officials, the Obama administration lifted the deepwater drilling moratorium on October 12, 2010.  Although the President’s action to lift the ban was a positive first step, industry continues to experience a de facto moratorium due to the inability of federal regulators to properly implement new regulations and permit projects in the Gulf.

 

Although we are seeing a subtle rise in oil prices, natural gas prices continue to hover around the $4.00 mark.  As production continues to ramp up in the Haynesville Shale region of Northwest Louisiana, it is projected that we may see a slight rig decrease due to the natural slow-down of companies vying to hold acreage.  Lower gas prices coupled with tight financial markets are also contributing factors to a slight downturn in natural gas drilling.  Regardless of these developments, the Haynesville Shale continued throughout the year to be a bright spot in our state’s economic growth.  As of November 3, 2010, there are already a total of 1,486 total Haynesville Shale wells and many more scheduled to come online next year.

 

With a significant budget shortfall looming within the state, the governor and legislators will be seeking opportunities to alleviate budgetary issues.  As we move to get our fiscal house in order, it would appear that either budget cuts or tax increases are coming our way.  Let’s just hope it’s not the latter, especially increased taxes imposed on our industry, the largest contributor of revenue to the state.

 

Regardless of the challenges that industry faces today, there are a few things to look forward to in the coming year.  With the November 2^nd election outcomes, a new Republican controlled Congress may suggest that the potential for industry crushing federal initiatives like the regulation of hydraulic fracturing, cap-and-trade, and other looming energy taxes will fall to the wayside.  It’s our hope that movements toward a more fiscally sound government will spur economic and job growth through all sectors of the national economy.