US E&Ps Evolve Amid Dramatic Downturn

摘要

Only a year ago they were content to target double-digit production growth and call it “a slowdown,” but executives at US independent oil and gas companies are now committing to a strategy of holding steady. The more disciplined approach is a long time coming, but the pace of change accelerated dramatically this spring when the coronavirus-inspired downturn forced the independents into action. In the months since March, exploration and production companies (E&Ps) have slashed their spending by billions of dollars. The net effect is reverberating across the energy space: The US rig count today is a fraction of its total 12 months ago; tens of thousands of sector jobs no longer exist; and dozens of E&Ps are newly bankrupt (OD Aug.28'20).