
Jim Arthaud doesn’t look like a man at the helm of a multimillion-dollar oilfield services company.
Wearing a T-shirt and baseball cap with blue jeans, he sits in the office of his senior vice president and watches The Weather Channel while discussing the price of oil.
“Oil’s up today,” he says with a smile. “It’s about at $50. It’s only got $50 to go.”
The 60-year-old CEO and founder of MBI Energy Services follows that statement with a smile and laughter, knowing all too well the price for a barrel of crude oil isn’t doubling anytime soon.
That Arthaud can joke about the price of oil is a telling sign that not all is doom and gloom in the western North Dakota oilfields — at least not yet. Still, following eight years of substantial growth tied directly to the Bakken oil boom, Arthaud looks back on the past 10 months — a unique type of oil bust, as he puts it — and knows he should have seen these days coming.
“I’d say it surprised a lot of people and it surprised me,” he said. “It was definitely a dramatic downturn that a lot of people didn’t see. Obviously, the writing was on the wall. We all should have seen it.”