Free Essay

Well

In:

Submitted By men24
Words 2316
Pages 10
Drilling is not only for producing pore fluids (oil, water, gas) but also for: Gaining information about the sub-surface;

-Allowing injection of fluids;

-Exploiting geothermal resources;

-Disposing Waste (nuclear waste);

-Drilling training/research wells.

There are six basic reasons for drilling a well. 1. Information from sub surface is required. This may be to identify hydrocarbon reservoirs, coal seams or other mineral deposits.

2. Allow fluids to be produced from within the Earth. Hydrocarbons are a valuable resource but wells are also drilled for water in arid areas.

3. Allow fluids to be injected underground. Within an oil reservoir, it is sometimes necessary to pump in water to maintain reservoir pressure as oil is produced.

4. Where high downhole temperatures are present at reasonably shallow depths, water can be pumped in to the well to generate steam. The steam drives a turbine to generate electricity.

5. In geologically stable areas, wells may be drilled to dispose of nuclear waste which requires long term safe isolation.

6. Wells may be drilled for training. These wells allow students to practice tripping pipe or casing. Some include a facility to inject fluids at the bottom of the well to simulate a kick.

Objectives of Drilling Operations -Minimize the total well cost (i.e. maximize return on investment)

-Drill a useable hole (minimize formation damage)

-Drill well in a safe and environmentally sound manner.

Classifications of Rigs:In general, there are three locations: onshore, swamp or offshore/deepwater/ultra https://o.quizlet.com/ZORuEDBkf6ONHMc-.3iw2g_m.png

Land Rigs - (Heavy Land Rig) -Capable of drilling deeper than 10,000-ft

-Typical derrick load is greater than 1,000,000 lbf

-BOP rating greater than 10,000 psi

Land Rigs - Helicopter Portable -Breaks down into small packages for moving (6000 lbf max)

-Can deploy in locations not otherwise useable without very high cost (jungle, mountain tops, inaccessible locations)

Bottom Supported Marine Rigs: #1. Platforms -Self contained rig installed on platform

-Once drilling finished, rig can be removed or

replaced with small workover rig

-Can be "tender supported" like the one on the left

2. Jack up Rigs -Usually 3 legs which stand on the seabed (bottom supported)

-Hull is lowered and legs are raised for rig moves

-It can drill in shallow waters (to 300-ft)

-BOP's are below the derrick cantilever

Semi-Submersible Rigs -Rig towed on to location, then either anchors or uses dynamic positioning

-Can relocate quickly if problems arise

-Usually uses BOP's located at the seabed.

Deepwater Offshore Rig - Drillship -Usually self-propelled for rig moves

-Often uses dynamic positioning

-Sometimes anchored

-Has high storage capacity

Offshore Rig Selection Many designs criteria are used in selecting the proper marine rig. Major criteria are as follows:

-Water depth rating (first evaluation tool)

-Derrick and substructure capacity

-Physical rig size and weight (MAINTENANCE HISTORY)

-Deck load capacity

-Stability in rough weather (wind)

-Rig horsepower, pipe handling and mud mixing capabilities

-Type of drilling: Exploratory versus development drilling

-Availability and rig cost.

Drilling Team Drilling Contractor:

-Tool pusher, drillers, derrickman, roughnecks

-Other specialists - crane operator, mechanics, electricians, roustabouts, caterer

Operator's Representatives:

-Company man, drilling engineers, geologists, and consultants

Service Companies

-Cementer, loggers (mud & wireline), mud engineer, directional engineer

Rotary Drilling Process -In rotary drilling, the bit is turned by rotating the entire drill string, using a rotary table at the surface

-The entire downward force is applied to the bit by using sections of heavy thick-walled pipe called drill collars, in the drill string above the bit.

Basic Rig Components All rotary rigs have the same basic drilling equipment, with the following major components or systems:

-Power system

-Hoisting system

-Fluid-circulating system

-Rotary system

-Well control system

-Well monitoring system

1. Rig Power System -Most rig power is consumed by the hoisting and fluid circulation systems. Fortunately, both systems are not used at the same time.

-Power requirements: 1,000 - 3,000 HP (horse power)

-Types of power prime movers: IC diesel engine & diesel-electric

-Performance is characterized by output HP, torque, and efficiency

Rig Power System: Input Power -Input power: The rate fuel energy input delivered to the power system:

-Power input = Fuel consumption rate * heating value = wf * DH

Rig Power System: Output Power Output power: The rate of shaft work provided by the rig power system to equipment and rig components:

Rotating Systems:

Power output = Torque * Angular Velocity

= T * w

Systems with Linear Motion:

Power output = Force * Velocity

= F * V

Rig Power System Efficiency The overall efficiency of the rig power system is the energy output per energy input:

Efficiency = Output power / Input power

2. Hoisting System -The hoisting system is designed to lower or raise the drillstring, casing string, and other subsurface equipment into or out of the hole.

-The principal components of the hoisting system are:

1. Derrick and substructure;

2. Block and tackle;

3. Drawworks.

Block and Tackle (BT) Block and tackle is comprised of:

-Crown block;

-Travelling block

-Drilling line (cable)

The function of block and tackle is to provide a mechanical advantage, which permits easier handling of large loads.

The mechanical advantage M of a block and tackle is simply the ratio of the load W and the tension force applied on the drawworks,

Fs: M = W/F_s

Ideal Mechanical Advantage Assumes no friction in the block and tackle

Can be determined from force analysis;

Force balance in the vertical direction yields:

nF_s=W

where n is the number of lines strung through the travelling block. Combining Eqns. (1) and (2), the ideal mechanical advantage is:

M_i= W/(W/n) = n

Input & Output Powers of the BT https://o.quizlet.com/9jr7SDNFTTJO8EmpWVbbrg_m.png

Tension on the Fast Line https://o.quizlet.com/RluydUsoxu0P5sL8FMCPfA_m.png

Strength of Drilling Line The drilling line is subjected to rather severe service during normal tripping operations.

Failure of the drilling line can result in:

-Injury to the drilling personnel;

-Damage to the rig; and

-Loss of the drillstring in the hole.

Therefore, it important to keep drilling line tension well below the nominal breaking strength and maintain the drilling line in good conditions.

Safety Factor (SF): SF = breaking strength/actual tension

Actual tension = Ff; Typical SF range (2 < SF < 4.0)

Breaking Strength of Wire Rope https://o.quizlet.com/Uwzet8KqYFlTi3ljf20HJQ_m.png

Total Derrick Load https://o.quizlet.com/A-.7ugxpgoBYdz9E0Qh-eA_m.png

Load on Each Derrick Leg https://o.quizlet.com/.BsSTTWucYuvxeFMFAp29A_m.png

Derrick Leg Load Formulas https://o.quizlet.com/9hHHuYIy-Jlw.UM6bq8AzQ_m.png

Derrick Efficiency Factor https://o.quizlet.com/K0V75CInhZrbo6R05ZbwLQ_m.png

Arrangement of Block and Tackle https://o.quizlet.com/nlwPTuO.FJcvvwK.Vvc5LA_m.png

Drawworks Provide the hoisting and braking power required to raise and lower the heavy strings of pipe

The principal parts of the drawworks are:

-Drum

-Brake (hydrodynamic or electromechanical type);

-Transmission (for direction control) ;and

-Catheads (spool used to tension the drilling line)

The drum transmit the torque required for hoisting and braking

It also stores the drilling line (cable) required to move the traveling block the length of the derrick.

3. Rig Fluid Circulating System One of its functions is to remove rock cuttings out of the hole as drilling progresses.

Principal components are

-Pumps

-Pits/tanks

-Mixing devices

-Contaminants removal equipment (solid control devices), and

-Flow conduits https://o.quizlet.com/HQE1Ps9Fp1zDE14RE.cp6g_m.png

Mud Circulation Path The drilling mud travels:

1. From steel suction tanks to the mud pump;

2. From the pump through the high-pressure surface connections to the drillstring;

3. Through the drillstring to the bit;

4. Through the nozzles of the bit and up the annular space between the drilling string and hole to the surface; and

5. Through the contaminant-removal equipment back to the suction tank

Mud Pumps https://o.quizlet.com/zek4yZmKcpOX5-qHGWPgvg_m.png

Mud Pumps (cont...) https://o.quizlet.com/CMHz-L9hOu2bWm4v4keh9Q_m.png

Surge Chamber & Relief Valve -The surge chamber greatly dampens the pressure surges developed by the positive displacement pump;

-Pump discharge line also contains a pressure relief valve to prevent line rupture in the event the pump is starts against a closed valve; https://o.quizlet.com/qDgQU6lT0PUYErw2fddf0w_m.png

Double-Acting Duplex Pump https://o.quizlet.com/92jl9Z4H3tGaQSaik6GwWA_m.png

Duplex and Triplex Pump Flow Rate https://o.quizlet.com/8x.dZzRpum30pKd0dty2SQ_m.png

Pump Horse Power https://o.quizlet.com/F0uG0jqnwonTG71yyEzN-g_m.png

Mud Pits or Mud Tanks Mud pits or tanks are often made of steel;

Three basic types of mud tanks: settling, suction, and reserve

1. Settling tank: allows time for setting of cuttings & release of entrained gas

2. Suction tank: the pump sucks good fluid from it

3. Reserve tank (surface pit): to contain contaminated fluid, cuttings, and any produced formation fluid. In the event some drilling fluid is lost to underground formations (lost circulation), the fluid in the reserve pit is used as make fluid.

All tanks are equipped with motor-driven agitators (mixers)

Flow Conduit Connecting the Mud Pump to the Drillstring The flow conduit connecting the mud pump to the drillstring include:

1. Surge chamber/pulsation dampener,

2. Heavy pipe: connects the pump to a manifold located on the rig floor;

3. Standpipe and rotary hose: provide a flexible connection that permits vertical and rotation movement of the drilling string;

4. Swivel; and

5. Kelly: allows the drillstring to be rotated. https://o.quizlet.com/geDn8GALdrJHPC96QkKgmw_m.png

Swivel Allows the flow of mud and pipe rotation simultaneously.

Contains roller bearings to support a rotating pressure seal that allows fluid through the swivel. https://o.quizlet.com/BjWblV1kVGnHryU6ijZVUw_m.png

Contaminants Removal Equipment -Shale shaker - a vibrating screen that removes coarse rock cuttings;

-Settling pit: additional separation of solids and gases from the mud occurs in the settling pit.

-Hydrocyclone/decanting centrifuge - removes fine particles;

-Mud cleaner - a combination of a hydrocyclone and a shaker screen, and use only for weighted mud;

-Degasser - removes entrained gas from the fluid

Hydrocyclone -A hydrocyclone is a cone-shaped housing that imparts a whirling fluid motion much like a tornado due to high velocity tangential fluid inlet;

-The heaver solids in the mud are thrown to the housing of the hydrocyclone and fall through the apex at the bottom; and

-Most of the liquid and lighter particles exit through the vortex finder at the top. https://o.quizlet.com/Smpq8ziWVLLkwoD3Gvo86g_m.png

Decanting Centrifuge -A decanting centrifuge is consists of a rotating cone-shaped drum which has a screw conveyor attached to its interior.

-The rotation of the cone creates a centrifugal force that throws the heaver particles to the outer housing.

-The screw conveyer moves the separated particles to the discharge. https://o.quizlet.com/rYh829iKc015GbKQG.cQxg_m.png

4. Rotary System Includes all the equipment used to achieve bit rotation;

Can be conventional or modern type;

Conventional rotary system is made up of

swivel,

kelly

kelly bushing,

rotary drive,

rotary table, and

the drillstring (i.e. drill pipe and drill

collars)

Modern rotary system is TOP DRIVE, also called power swivel https://o.quizlet.com/laPwCejLnyWJwAvKAuMjjQ_m.png

Components https://o.quizlet.com/ZRe5YBL9WTllfxz68khgLg_m.png

Kelly A long square or hexagonal steel bar with a hole drilled through the middle for a fluid path.

Is used to transmit rotary motion from the rotary table or kelly bushing to the drillstring, while allowing the drillstring to be lowered or raised during rotation.

The kelly goes through the kelly bushing, which is driven by the rotary table.

Kelly bushing An adapter that serves to connect the rotary table to the kelly.

The kelly bushing has an inside diameter profile that matches

that of the kelly, usually square or hexagonal.

It transmits the rotary motion from the rotary table to the kelly

The kelly then turns the entire drillstring because it is screwed into the top of the drillstring itself.

Depth measurements are commonly referenced to the RKB, such as 8327 ft RKB, meaning 8327 feet below the kelly bushing.

Rotary Table The revolving or spinning section of the drill-floor that provides power to turn the drillstring.

Almost all rigs today have a rotary table, either as primary or backup system for rotating the drillstring.

Top-drive technology has replaced the rotary table in offshore and directional drilling applications.

Top Drive (Power Swivel) Regular swivel, kelly, and kelly bushing are entirely eliminated;

Has built-in tongs to make and breakout pipes;

Uses a hydraulic motor to achieve rotation;

Safer & easier for crew members to handle

the drill pipe;

Saves time as connections are made very fast and safer; and

The crew uses the unit's built-in tongs. https://o.quizlet.com/d3-Z31XQuZjYguY07q5yzA_m.png

Tubular Specifications All tubular (drill pipe, drill collar, casing, and tubing) are specified by the following:

Range (length): 3 ranges -

• R1 (18 - 22 ft, now obsolete),

• R2(27-30ft),

• R3 >30 ft]

Weight per foot

Outside diameter, OD

Steel grade (D, E, G, & S-135)

Tubular Specifications (cont..) https://o.quizlet.com/y3WDI0X3p2Fbv.wDy1VIqg_m.png

Capacity and Displacement Volumes https://o.quizlet.com/gdSfz.gZv.nuuV4k6HYgHg_m.png

Drill Pipes and Drill Collars Drill pipes

-Transmit rotational power to the bit

-Transmit drilling fluid to the bit

Drill collars

- Provide weight on bit

- Prevent buckling of the drill string

- Provide pendulum effects to cause the bit to

drill a more nearly vertical hole

- Support and stabilize the bit to drill new hole

aligned with the already drilled hole

Drill collars can be round (most), spiral, or square

-Spiral ones are used in small diameter holes or deviated wells to prevent or reduce differential pipe sticking

- Square used in straight hole (vertical) drilling

Drill Pipe https://o.quizlet.com/wxEavfWWE4O9KRpMXDY4PQ_m.png

Drill Collars https://o.quizlet.com/ypwvuzDg5nbQl4Kz2tNYUg_m.png

Drill Collar Connections Different from drill pipe connection

The weakest part of a collar

Note: drillpipe tool-joint is the strongest part of the pipe

When damaged, the connection is cut and the collar is re- threaded https://o.quizlet.com/OtKDcMuPFy-TmqK5NmKPRA_m.png

Crossovers https://o.quizlet.com/OCme0a.Gd7LU7OK2B7LxTA_m.png

Jar https://o.quizlet.com/Pq5K0oi5st8Mew2OT5309g_m.png

Stabilizers https://o.quizlet.com/rygznJsnUrvJs1SRuTYbiw_m.png

Similar Documents

Free Essay

Well Integrity

...11/4/2013 Well Integrity: Hydraulic Fracturing & Well ConstructionWhat are the Factual Risks? George E. King Apache Corporation SPE Webinar 5 November 2013 History • Invented in era of 1943 to 1947 by Standard Oil of Indiana (Stanolin => Pan American => Amoco). • Fully commercial by 1954. • First multi-fractured deviated wells in 1975. • Million pound sand jobs in mid 1970’s • Million gallon fracs in mid 1980’s. • Horizontal multi-fractured shale wells in 1988. • Over 1 million jobs completed by mid 1990’s. • About 2 million jobs completed by 2012. 1 11/4/2013 Oil and Gas Development – The Stages 1. Assessment – is it worth drilling? • Seismic, outcrops, lab work, etc. 2. Exploration - initial drill, well construction, limited fracs • Identify what cannot be assessed in laboratory. 3. Development / Construction / Stimulation • Main development – drill, construct, fracturing 4. Operations / Production – the work • Flow – maintenance, operation styles, 5. Reclamation – Restore surface & seal old well Red Flags to the Community • • • • • • Trucking – congestion, accidents, road damage. Chemicals – unidentified, misidentified, no info. Perception of high water usage Influx of workers Spills Lack of contact from the developers! • Hysteria Sources: Bloggers, slanted “university studies” “documentaries” some “environmentalists”, media, rumor mills….. Definitions • Fracturing Operations – – – – – ...

Words: 3434 - Pages: 14

Premium Essay

Wells Fargo

...markets, and be known as one of America’s great companies.” In other words, to gain a competitive advantage over various banking institutions, Wells Fargo wants to be the “one stop” shop of banking. Changes in Strategy: In order to become one of the largest, most profitable banks, Wells Fargo had “out local the nationals and out national the locals.” Through a combination of mergers, Wells Fargo has transformed into its vision of being a “one stop” shop of banks. Adopting their cross-selling strategy has given them an advantage of knowing more about the customers as they sell more to them. They have figured out that the more products customers have with them, the better value the customers receive and the more loyal they are. Loyalty leads to a longer stay and more opportunities to meet financial needs. The cross-selling strategy reinvented how financial services were combined and sold to customers. Core Competencies: * Simplified product set allows Wells Fargo to only trade what is necessary to serve their clients. * Disciplined governance provides robust oversight functions performed by independent teams within Wholesale and at corporate level. * Segregated credit culture is the decision to extend credit to customers takes place in major lending groups, while fee based businesses are housed within Wells Fargo. Internal Environment Scan       Strengths * 19th on the Fortune 500 list in 2010 * Among the world’s most 50 respected companies...

Words: 316 - Pages: 2

Premium Essay

Wells Fargo

...1. What were the driving forces that lead Wells Fargo OFS to redesign their strategy and processes? Wells Fargo launched its online financial services much ahead of their competitors and with the astonishing response of the growing customer base, they enhanced the online services with all major banking services like reviewing their accounts and balances, bill payments etc. The OFS primarily focused on the maintaining the high attrition rate of online customers and provide all their customer with a low cost service medium. The OFS group recovered their cost by charging other department within the bank depending on the activity of the customer after logging into the portal. However due to this main the purpose of providing a low cost media to the customer was being lost in the need of generating OFS group revenue. Because of this the OFS had reached a point where the profits and costs were equal. Wells Fargo’s traditional approach to measure performance and strategies using the financial metrics led to poor decision making while the online banking needed a well-planned long term goal as it was one of the driving factor of the business in the coming years. Also, because of the rapidly changing technological trends on a daily basis in the internet media, the OFS had to be upstream in their approach to keep with the latest technologies. This involved new competitive threats and meeting the customer demands became a challenge due to the varied customer base in the online banking...

Words: 850 - Pages: 4

Premium Essay

Wells Fargo

...The industry environment that Wells Fargo is a part of is made up of threats of new entrants, supplier power, buyer power, and substitute products. When it comes to the threat of new entrants in the financial industry there is no threat for Wells Fargo. The financial industry requires a lot of capital and trust. Currently none of the industry has a lot of trust but they do have capital to make investments and decisions that a new entrant to the industry does not have. There is an extremely high entry barrier in the financial industry. When it comes to supplier power, the supplier concentration is mainly related to capital in the financial industry. With capital being difficult to obtain, the suppliers do hold a lot of power over the financial industry. One of Wells Fargo’s advantages is that that they hold a large amount of capital and have the ability to invest and keep mortgages on their own portfolio. Buyer power is high in the financial industry. The financial services industry is a service based industry, meaning if they do not please the consumer then they lose the customer. The products available by the financial industry are very similar. Although Wells Fargo puts a lot of effort into differentiating their product, the customer will go elsewhere if they feel as though they are not treated right. . Rivalry among existing firms exists between Wells Fargo, and the three following competitors: US Bancorp, Bank of America and Citigroup, this being said there is a...

Words: 918 - Pages: 4

Premium Essay

What Is The Difference Between Wells And Henry Wells Fargo

...Henry Wells and William Fargo founded the financial service in 1852 that became a legendary part of the American West. (wellsfargohistory.com) In the past two decades Wells Fargo has had lots of changes; the company advanced in newer technology and communication, as well the company has seen the U.S population grow more diverse. Wells Fargo progress has not been perfect, but the expectation of others has kept the company moving forward with a deeper understanding and commitment to their customers. Wells Fargo has become one of the most nation’s largest financial institutions, serving one in three U.S households and employing approximately one in 600 working Americans. (Wells Fargo & Company Employee Handbook, 2015) Wells Fargo vision is relevant today has it been written more than 20 years ago. Their vision is that they want to satisfy their customer’s financial needs and help them succeed financially. (wellsfargo.com) Wells Fargo wants to...

Words: 623 - Pages: 3

Free Essay

Wells Fargo History

...Wells Fargo History in Portland Financial Heartland Before banking, Wells Fargo was simply the merging of two rival transportation companies in the 1850’s. In order to serve the West’s demand for faster communication, Henry Wells and William Fargo built a Wells, Fargo & Co. location in 1882 in Portland, Oregon. Portland’s location at the joining of the Willamette and Columbia established it as the shipping center for the Pacific Northwest and an attraction for Wells Fargo’s express business. The California Gold Rush influenced the company to offer banking in buying gold and selling paper bank drafts, which were just as good as gold, with rapid delivery across the United State. This was included with the diverse services the company had already had, such as general forwarding and commissions and freight series, After discovery of gold in the Boise Basin, precious metals came down the Columbia River to Wells Fargo’s banking and examine office in Portland. This caused more offices to open in new cities all over the United States. In 1863 alone, Wells Fargo’s office in Portland handled over 200,000 ounces of gold. A year later, offices were added in Salem and Eugene, along with more express offices in Portland. Wells Fargo’s reputation of trust built in the 1850’s during the boom and bust of the economy. The bank went to great lengths, coming through for customers and providing responsible and swift services. In 1868 the Columbia River froze in the...

Words: 1157 - Pages: 5

Premium Essay

Surface Well Test

...SURFACE WELL TESTING By Karrym Rebay Vol. 1 Preface This is a paper that has been produced to help you better understand and work with the equipment you are familiar with and presently operating on your particular Well Test Unit. It will give you more knowledge about, not only the operation, but also the maintenance and calibration techniques that will help you become more familiar with your own equipment. Paper Content 1. PAPER DESCRIPTION 2. IDENTIFYING A STANDARD WELLTEST PACKAGE AND ITS COMPONENTS 3. EQUIPMENT OPERATION AND FLOWING CONDITIONS 4. SAFETY AROUND YOUR EQUIPMENT 5. CALIBRATION AND MAINTENANCE 6. CALCULATING FLOW RATES 7. GLOSSARY – Exploration & Production Terms 8. CONVERSIONS & TABLES Paper Description This paper describes the specific conditions under which well tests must be performed, lists the surface testing equipment used to perform these well tests, summarizes how this equipment is used to collect samples at the surface and lists several examples that influence the layout of surface equipment. A reservoir test can only be performed under certain conditions. This means the reservoir must be exposed to a disturbance that will cause the reservoir pressure to change. This pressure change, when recorded and interpreted along with the measured flow rates, will give us information about well and reservoir parameters and geometry. A pressure disturbance...

Words: 873 - Pages: 4

Premium Essay

Wells Fargo Case

...Wells Fargo Corporation Industry Analysis Wells Fargo is a $1.3 trillion diversified financial services company providing banking, insurance, trust and investments, mortgage banking, investment banking, brokerage and consumer finance through retail banking stores, the internet, worldwide. Wells Fargo has a strong foundation of corporate culture that is embedded in the vision. . It focuses on every aspect of the corporation’s stakeholders: team members, customers, communities, and shareholders. It focuses on how employees are able to adhere to the highest standard of efficient and ethical business practices. Wells Fargo strives to be number-one financial services provider in each of their markets. What Wells Fargo lacks is the future vision of the company’s operations. The revised mission statement of Wells Fargo Corporation is as followed: We are a bank that focuses on providing services that satisfy customer’s financial knowledge by providing our hard-working people. We will be the change of how financial institutions can play efficient roles in the community and individual’s businesses. Strategic Issues that Wells Fargo face is to whether it will focus on becoming a national/global bank or a local coast-to-coast bank that will deal with the local communities. These two business types can be harmful to the strategic implementation because of the questions of how it can market two banking segments and how it can compete with different types of banks: local and national/global...

Words: 1292 - Pages: 6

Premium Essay

Wells Fargo Scandal

...The history of the Company Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the country. It is the world's second largest bank by market capitalization and the third largest bank in the U.S. by total assets. In July 2015, Wells Fargo turn out to be the world's largest bank by market capitalization, edging past ICBC, before slipping behind Chase in September 2016. Wells Fargo beat Citigroup Inc. and become the third-largest U.S. bank by assets at the end of 2015. Wells Fargo is the second-largest bank in deposits, home mortgage servicing, and debit cards. In February 2014, Wells Fargo was named the world's most valuable bank brand for...

Words: 1001 - Pages: 5

Free Essay

Diversity Analysis Wells Fargo

...D Diversity Analysis of Wells Fargo MGMT 360-51 Team - Multiplicity Shannon Willy Darren Cattnach Jeannine Petersen Edward Davis Cindy Sellner Metropolitan State University Summer 2010 Executive Background Introduction Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet across North America and internationally. They are headquartered in San Francisco; however, they’re decentralized so every local Wells Fargo store is a headquarters for satisfying all their customers’ financial needs. This has led to a large customer base, which Wells estimates that one in three households in America does business with them. Wells Fargo has $1.2 trillion in assets and more than 278,000 team members across their 80+ businesses. They ranked fourth in assets, and third in market value of their stock among their U.S. peers as of March 31, 2010 ("Wellsfargo.com," 2010). Wells Fargo’s company vision is stated as, “We want to satisfy all our customers’ financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America’s great companies.” This statement has led them to have an outstanding reputation in the community. They have been recognized in the following publications: FORTUNE 19th in Revenue among All Companies...

Words: 4396 - Pages: 18

Premium Essay

Wells Fargo Bank & Co.

...Wells Fargo Bank & Co. Henry Wells and William Fargo founded Wells Fargo & Company (WFC) in 1852. Wells Fargo (WFC) is a diversified financial services company and one of the United States' top-40 largest private employers. Headquartered in San Francisco, Wells Fargo is decentralized so that every local Wells Fargo store is the headquarters for their customers. The vision of Wells Fargo is to satisfy all their customers' financial needs, while helping them succeed financially, Wells Fargo desires to become known as one of America's great companies and the number one financial services provider in each of their markets. Today Wells Fargo is the only Moody's "Aaa" rated bank in the United States as well as one of the industry leaders in financial services competing in virtually every segment of the financial industry. Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. Wells Fargo is a distributor of financial service products via the Internet and other distribution channels across North America and elsewhere internationally. With 11 Executive Officers and 14 Board of Directors, Richard Kovacevich Chairman, President and CEO continues to lead the company into the 21 century by connecting to the past while focusing on the future. The company is a $420 billion dollar financial services company providing banking, insurance, investments, mortgage and consumer finance to the United States and abroad. WFC strives to provide its customer...

Words: 5082 - Pages: 21

Premium Essay

Why Is Wells Fargo Wrong

...Wells Fargo and the No Good, Horrible, Very Bad Deed Wells Fargo, one of the highest ranking among banking corporations, revealed a scandal in late 2016 that affected millions of customers and destroyed the corporation’s brand. The extent of the internal corruption continues to baffle citizen worldwide. Wells Fargo employees created 3.5 million fake accounts, charged 190,000 accounts unwarranted fees and enrolled 528,000 customers in an online bill pay system without their consent. 5,300 employees have been fired in relation to the scandal, and management is being restructured (Egan, “5,300). Wells Fargo claims they hold themselves and their employees accountable for the scandal and has agreed to pay restitution to all victims and almost $350 million in lawsuits and fines (Egan “5,300”). The most important loss for Wells Fargo, however, is the trust of their customers and investors....

Words: 422 - Pages: 2

Free Essay

Wells Fargo Aqustions Wachovia

...he industry environment that Wells Fargo is a part of is made up of threats of new entrants, supplier power, buyer power, and substitute products. When it comes to the threat of new entrants in the financial industry there is no threat for Wells Fargo. The financial industry requires a lot of capital and trust. Currently none of the industry has a lot of trust but they do have capital to make investments and decisions that a new entrant to the industry does not have. There is an extremely high entry barrier in the financial industry. When it comes to supplier power, the supplier concentration is mainly related to capital in the financial industry. With capital being difficult to obtain, the suppliers do hold a lot of power over the financial industry. One of Wells Fargo’s advantages is that that they hold a large amount of capital and have the ability to invest and keep mortgages on their own portfolio. Buyer power is high in the financial industry. The financial services industry is a service based industry, meaning if they do not please the consumer then they lose the customer. The products available by the financial industry are very similar. Although Wells Fargo puts a lot of effort into differentiating their product, the customer will go elsewhere if they feel as though they are not treated right. . Rivalry among existing firms exists between Wells Fargo, and the three following competitors: US Bancorp, Bank of America and Citigroup, this being said there is a high...

Words: 324 - Pages: 2

Free Essay

Quantitative Easing Effects on Wells Fargo

...Commercial Bank: Wells Fargo Background: Wells Fargo is the largest bank in terms of market capitalization and the fourth largest bank in the United States in terms of assets. The present Wells Fargo is a result of a merger between San Francisco-based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. Later on October 3, 2008, Wells Fargo acquired Charlotte-based Wachovia for about $15.1 billion in a stock-for-stock transaction. Its headquarters is currently located in San Francisco, California. Wells Fargo is a diversified financial services company that provides credit cards, consumer banking, corporate banking, investment banking, global wealth management, financial analysis, private equity, insurance and etc. Wells Fargo and the 2008 Financial Crisis | Before the crisis | During the crisis | After the crisis | Profitability Ratios | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | ROA% (Net) | 1.76 | 1.52 | 0.28 | 0.96 | 0.99 | 1.23 | ROE % (Net) | 19.6 | 17.23 | 3.61 | 11.64 | 10.38 | 11.90 | Net Interest Margin % | 61.88 | 59.62 | 72.05 | 82.32 | 84.77 | 86.54 | Calculated Tax Rate % | 33.45 | 30.70 | 18.48 | 29.62 | 33.36 | 31.47 | | | | | | | | Debt Management | | | | | | | Total Debt to Equity | 9.51 | 11.08 | 12.22 | 10.13 | 8.95 | 8.37 | Equity Multiplier | 10.51 | 12.08 | 13.22 | 11.13 | 9.95 | 9.37 | | | | | | | | Asset Management | | | | | | | Total Asset Turnover | 0.1 | 0.1 | 0.05 | 0.08...

Words: 1479 - Pages: 6

Free Essay

Waste at Well Fargo: Process Improvement

...Waste at Wells Fargo Waste at Wells Fargo Introduction: Headquartered in San Francisco, Wells Fargo, a diversified financial services company, is one of the few American companies that are still operating under its founding name as well as in its original business for longer than 150 years. It has always strived to help its customer achieve financial success by provides banking, insurance, and mortgage finance, just to name a few. In addition, it has always contributed to communities across the North America and internationally. We intend to demonstrate how Wells Fargo is promoting waste with its current policies and have mapped out a plan to get them back on track and more profitable. History: The company's history goes back to 1852, when Henry Wells and William Fargo created Wells, Fargo & Company in New York City during the West’s gold rush. They provided banking and express services to Golf Rush pioneers. Banking services included buying gold, and selling paper bank drafts. Express services, on the other hand, consisted of the rapid delivery of gold, mail and valuables from1852 to 1918. Wells Fargo used back then stagecoaches, steamships, the Pony Express, and railroads to deliver customers’ business. In 1860s, the firm earned a reputation for trustworthiness by dealing rapidly and responsibly with customers’ money. It earned everlasting fame with the overland stagecoach line by meeting the demand for rapid delivery, from the coast to the mountains; Stagecoaches...

Words: 4562 - Pages: 19