Our company timeline
Our Company Was FoundedJuly 20, 2004
On this date, two small town boys, Ken Bonner, Jr., and his brother Calvin Bonner decided to venture out on their own and with their father Ken Sr., started Triple B Oilfield Service, Inc. Purchasing a used one ton truck and retrofitting a trailer, they set out to become the best in the business for roustabout services in the oilfield industry. Within two months of operation, the company had to increase its staffing; and purchased another truck to support the amount of business that they were conducting. It was through hard work, and their commitment to excellence, Triple B Oilfield Service, Inc. generated sales revenues of over $700,000 for the year in less than five months of operation.
Going into a new year and with less than a full year in operation, Triple B Oilfield Service, Inc. continued its growth at an ever increasing pace. By the first quarter of the year, the company had expanded its staff to 8 people, and added a backhoe to its list of equipment. By the end of the year, the company had a staff of 12 people, operating with four crews, owned four trucks, three trailers and now owned two backhoes. The company also moved into a bigger location to support the staffing and equipment they owned. By the end of the calendar year, Triple B Oilfield Service, Inc. had revenues of $2 million dollars for a twelve month period. In 15 months of operation, the company had already made $2.7 million dollars! Not bad for two small town boys.
Our First Acquisition2006
With the business growing, and with the vision to always “grow forward,” Triple B Oilfield Service, Inc. made its first acquisition; purchasing a trash trailer leasing company to support trash removal from oil rigs. Entering into this new business venture helped the company increase its sales growth by entering into a unique market. Other opportunities presented themselves to the company, as the company opened up its yard to store pipe and miscellaneous equipment for oil companies. These smart business moves helped increase the revenue for the company, adding to their rapid growth.
With 2006 being a year of acquisition and expansion, Triple B Oilfield Service, Inc. made additional moves to increase the company’s bottom line. The company purchased its first equipment trailer, and increased its labor to now operate six crews. The company also started its rock hauling operations, which also added to its rapid sales growth.
Growth in Change2008
The year 2008 was a year of change in the industry as a whole. The industry was experiencing a shift, and was seeking companies like Triple B Oilfield Service, Inc. to reduce their rates by 20%. Being an industry service leader, Triple B listened to its clients, and helped them get through the transition. The result produced the business with revenues of over $5 million dollars for the year! As sales grew, the company grew in staffing; established a tank painting division; and increased its equipment inventory.
With a decline in the economy, and the slow growth in oilfield production, there were many businesses that had to make severe adjustments to the way they were doing business. Triple B Oilfield Service, Inc. however, continued to experience steady growth in sales, and in its labor force. With 18 employees on staff, the company was able to not only produce record sales for the year ($6 million), but was also able to maintain a staff without any layoffs, wage cuts, or loss of hours.
After being able to go through the rough times the industry experienced the previous year, Triple B Oilfield Service, Inc. was positioned to grow exponentially as the competition was recovering from the previous year. Starting the year off with a staff of 18 people, the company almost doubled its workforce by the end of 2010, with a staff of 30 people; increasing its equipment inventory, and starting an equipment rental division. These smart business moves helped the company generate revenues in excess of $9 million dollars, marking six years in a row of sales growth for the company.
Triple B Oilfield, Inc. continued to expand its business by acquiring a hotshot/trucking company, providing the company with four semi’s and four hotshot trucks with trailers. Before the year was complete, the company had increased its trucking division to include nine semi’s (one including a fork lift loader), and started work in drilling operations. This rapid expansion also forced the company to expand again – this time by moving its entire operation onto eight acres of land, with over 15,000 square feet of building space. Company revenues exceeded $13 million dollars for the fiscal year.
Today, Triple B Oilfield Service, Inc. has over 60 employees, operates five divisions and continues to have record sales growth, with sales expectations to reach $15 million by year end.