Joseph P. DeWoody is the President of Clear Fork Royalty, a company he founded in 2009 to acquire oil and gas mineral rights and royalties throughout the U.S. Joseph also serves as managing member of Pendragon Oil. Pendragon is actively engaged in exploration and production of oil and gas assets. Joseph is a member of the Young Presidents' Organization (YPO) and was recently awarded Oil and Gas Investors Magazine's top 20 under 40 award. Follow him @jpdewoody.
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
My favorite industry advice has come from two individuals who shaped my business, but whom I have never met. The first is J. Paul Getty's formula for success: "Rise Early, Work Late, Strike Oil" and the second is, "He who drills the most wells wins" from H.L. Hunt. Both of the quotes show the value of hard work and persistence needed in the oil and gas industry. Add the serendipity of Getty's quote and you can make a good career in this business.
What do you do during the first hour of your business day and why?
I spend the first hour of my business day checking and answering emails, catching up on the news and markets and studying the drilling and permit reports. In my industry, it is important to be on top of where the drilling activity is and where the markets stand. Constantly watching these factors and staying up to date allows me to move swiftly and make informed decisions when needed.
What's your definition of success? How will you know when you've finally "succeeded" in your business?
Success to me is creating a sustainable, multi-generational company that contributes to society in a meaningful way and builds substantial wealth for everyone involved. The world obviously has a hunger for crude oil and natural gas. To the extent we can produce as much of it as possible, as responsibly as possible, we contribute in a meaningful way. There are high barriers to entry in the energy industry and it's capital intensive, so we are blessed to have the start we have and want to continue to build upon that foundation. We want to generate as much return for our stakeholders as possible.
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.