Crude Oil Owner Operator- Profit & Loss Statement (Full Disclosure)

Thanks! This is response is very helpful, as I think I may have gotten myself into a situation. As you stated, this run will not last too far into the future so I should probably just stick it out. This company has no short hauls in my area and moving to where their short hauls are is NOT an option for me, LOL!

As far as purchasing a truck. I guess I'm struggling most with should I purchase new or used. I like gliders and I like 60 Series engines...

I can get a new truck for $165K, it will have a warranty and a lot of the maintenance I performed this year on my old truck will not even be an issue. I will have to finance about 75% of a new truck.

I can get a used truck for $60K to $85K but if this truck is anything like the last one I suspect I will dump another $40K into it so now I'm really at $100K for a half million mile truck. I would have to finance 50% of the purchase then I would just nickle and dime the repair bill as I move along and make money.

If I purchase a trailer I will not have the money to also purchase another truck. But I have no intention of leaving the oilfield anytime soon.

 

I appreciate the feedback and I am open to all comments and suggestions.

There was another guy who commented he thought the oilfield and crude hauling payed more. There are O/O doing better and worse than me and there are company drivers doing better and worse than me.

I would tell anyone if you want to become an O/O and haul crude, you could go right now and do better than me as a company driver at the right company. I know guys who have made over $130K for the year as company drivers. I also know a POS outfit paying their crude haulers $300 per day. That's about $75K per year.

Definitely more headache being an O/O and more stress too. About the only thing I've got going for me as an O/O is I get to say when I work and where I will and will not go. But, that has it limits too as I suspect if I said no too many times I would find myself on the #### list with some dispatcher and see a real hit to my revenue.

SO WHY AM I DOING THIS O/O THING?!??? Guess I just like to suffer...

 

I'm currently trying to purchase another truck and most likely will also be purchasing a trailer. The high trailer fee is definitely a concern. The carrier I am leased on to paid $36K for this trailer. While they do cover the maintenance, so far that has come to out to a whopping $56 for the past 2.5 months, LOL!