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Petroleum Corp president talks about people he met during 60 years in oil and gas industry

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Edward K. David. of David Petroleum Corp. speaks before an audience Thursday night at the Roswell Country Club during a joint dinner hosted by The Roswell Geological Society, New Mexico Landmen’s Association and Desk and Derrick Club of Roswell. David spoke about the industry and the people he met during his more than six decades working in the petroleum industry. (Alex Ross Photo)

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David Petroleum Corp. president and Roswell resident Edward David spoke about his experiences during 60 years working in the petroleum industry and the people he met along the way.

David was the featured speaker at the Roswell Country Club Thursday during a joint dinner of the Roswell Geological Society, the New Mexico Landmen’s Association and the Desk and Derrick Club of Roswell.

The nearly 50-minute-long presentation entitled “Riding the WTI Roller coaster with Friends” — complete with a PowerPoint presentation — was meant to highlight “great people in a great industry,” David said after the dinner ended and the crowds dispersed.

The WTI, or West Texas Intermediate, is a grade of crude oil used as a benchmark in oil pricing.

In his introduction of David, John Humphrey, a geological advisor for EOG Resources in Artesia, said that a rollercoaster is a fitting metaphor for the oil industry whose prices and supply so often fluctuate.

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David graduated from Texas Technical College in 1956, and that same year launched his career in the petroleum industry as a geologist with Texaco Inc. He left Texaco in 1966 and established his own company David Petroleum Corp. According to literature disseminated at the meeting, he also served on the Roswell School Board from 1989 to 1993.

The time he spent at Texaco is something David said he credits with allowing him to later go off again on his own in the industry.

“They demanded a lot, they expected a lot and they had very little responsibilities,” David said to the audience.

The bulk of David’s speech was about his former colleagues, friends and partners such as geophysicist and former Assistant Secretary of Defense Colin McMillan.

Though one was a geologist and the other a geophysicist, David said he and McMillan met and talked with each other a lot during their time at Texaco.

“When I wanted to know something about science I would talk to Colin and vice versa, he would talk to me,” David said.

“We grew up with a lot of trust and confidence in one another,” he said.

David said he became acquainted with McMillan and also petroleum engineer and former New Mexico state representative Charles Loveless, a petroleum engineer who would later go on to become a New Mexico state representative, during his time at Texaco.

Later the three started their own petroleum business, at the suggestion of McMillan.

Families of Loveless and McMillan were present at the dinner, as were family members of John Yates of Yates Petroleum of Artesia.

David ended his PowerPoint with a photo of a rollercoaster car soaring into the air, which he used as a metaphor for how the industry is going.

“So my question is, is that going up or is it falling down?” he asked.

He also predicted a sunrise in the oil industry, saying new technologies will allow for more oil and gas to be discovered quicker and in larger quantities.

Breaking news reporter Alex Ross can be reached at 575-622-7710, ext. 301, or at breakingnews@rdrnews.com.