ABOUT SPARTAN COMPANIES
In 2015, the energy sector was hit with one of the biggest downturns in decades. The trickle down effect of slumping oil prices affected thousands of producers and service companies and over 100,000 people lost their jobs. A barrel of oil, which reached highs over $112 in 2014, had fallen to below $40 by December of 2015. Experts were predicting the end of "The American Shale Revolution". Global oil politics further complicated this epic industry bust. The Organization of the Oil Exporting Countries (OPEC), led by Saudi Arabia, saw a chance to eliminate American competition by keeping oil prices artificially low. They were looking for a knockout blow that would cripple the American energy industry for decades.
It was in the midst of the lowest oil pricing in decades (see graph to the right) that the founders of Spartan saw tremendous opportunity. Here is what we saw -