US EPs 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 (EPs) 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 EPs are newly bankrupt (OD Aug.28'20).