Forty Under 40 2025: Saddle Up, Future CEOs

Editors Note: A version of this story appears in this year's edition of Oil and Gas Investor's Forty Under 40. You can see the full class of 2025 honorees and read about their journeys in the industry here.

It’s rodeo time again.

Not the fun kind with blow-dried livestock, nightmarish parking, Brad Paisley performances and cotton candy bacon on a stick.

This one is the oft-employed euphemism for an oil and gas downcycle. Top energy executives have gone to great lengths of late to assure analysts and investors that this rodeo is not their first one.

But rodeos can be rough, no matter how many have been endured. They are intense and require tough calls laden with risk. Despite all the preparation and training, folks can lose control and get thrown, even trampled. And everyone is watching closely.

“It’s a pretty challenging spot for a lot of companies,” Stephen Boone, partner at Sidley Austin who specializes in energy, M&A and private equity, told Oil and Gas Investor. “Over the short and midterm, there are a lot of pressures on the industry.”

How will the next generation of energy leaders fare in handling these pressures? Industry observers note numerous challenges they will face.

“The world’s turbulent times and challenges have not escaped the energy industry,” David Preng, founder and president of Preng & Associates, told OGI. “In fact, our dependence on energy grows and this reliance has become more volatile.  As the world plans for the future, it is going to take an extremely competent set of skills and foresight to ensure we have adequate energy in all forms.”

And they’ll need to hustle. 

“The next generation of energy executives will be leading in an environment where the pace of change is faster than ever; from technology adoption to shifts in workforce expectations,” Molly Determan, president of the Energy Workforce & Technology Council, told OGI. “Leaders will need to think differently about talent development, not just in terms of retention, but as a long-term business driver.”

Smaller herd

Workforce development now requires more structure and speed, Determan said. Roles are evolving more quickly and employees are expected to contribute faster than in the past.

To manage this, she said, companies need clear development tracks, accessible programs to enhance skills and leaders able to communicate about the direction of the business and how employees fit into that future.

Because not everybody is going to fit. The industry employs 39% fewer people than at the height of the shale boom in late 2014, according to the Bureau of Labor Statistics, even though crude oil production is up 45% since then.

Doing more with less is good for business, but it takes a toll.

“Employees are navigating more stress, whether it’s from home, work or broader economic uncertainty,” Determan said. Members of the council’s People & Culture Committee have shared with her how their companies are encouraging employees to use Employee Assistance Programs (EAPs) and, in some cases, expanding them to support families.

“Leadership plays an important role in helping employees feel supported and steady,” she said. “Consistently reinforcing company values gives people a sense of direction and stability, even when other parts of life feel unpredictable.”

Old hands, new hands

A smaller workforce can result in a skills shortage, Boone said.

“We’re just part of an industry that’s had some pressures on the skill side of the equation” that impacts everyone from the workers in the field to the engineers and geologists in the corporate offices.

“When you’ve got tremendous volatility within the industry, some people walk away from that,” he said. “It does result in some significant staff shortages.”

The executives he works with are aware of the age gap between the seasoned professionals and relative newcomers who must absorb the skill set and knowledge base. Keeping a pipeline of graduates with degrees in geology, petroleum engineering and other relevant fields will be critical.

Determan agrees.

“A smaller workforce could lead to gaps in experience and progression,” she said. “With fewer entry-level positions available, it’s harder to build up future leaders over time. But many of our member companies are tackling this directly by building intentional rotation programs, offering competitive education reimbursement pathways and creating internal systems that identify skill gaps and direct employees toward reskilling opportunities.”

The skills gap is not limited to new technologies. Young employees tend to be up to date on the latest tools, but they can struggle with legacy equipment and processes still in use in the field, she said.

“That’s why we’re working with our members to develop comprehensive technical training programs that include hands-on field assessments,” Determan said. “The goal is not just to teach content but to make sure employees can apply it in the field.”

Git along

Unruly markets. Geopolitical uncertainty. Technological challenges and opportunities.

To guide their companies through this industrial gauntlet, the next generation of leaders will need to recognize that they can’t do it alone. They’ll need to take care of their employees.

“They’ll have to treat workforce strategy as business strategy, focusing on reskilling, clear career pathways and developing technical talent into leadership roles,” Determan said.

They’ll also have to communicate company values clearly and often, she added. When employees are moving fast, dealing with change and feeling pressure from the outside world, they need something steady to anchor to. Strong values, communicated consistently, can help build that sense of security.

There is also the value of preparing the workers to take a different path.

“Many are recognizing the value of helping employees grow their skills not just for their current role, but for the long term,” she said. “Investing in transferable skills gives people more confidence and helps them feel better prepared, whether they’re advancing internally or facing a volatile market. That kind of investment builds loyalty, improves performance and prepares companies to adapt.”