Keys to Better Water Management: Seeking Sustainability Amid the Chaos
Here we go again. A series of unexpected circumstances have intersected to drive oil markets down, causing myriad challenges for operators and service companies alike.
A virus pandemic erupts, shutting down global economies and thus the demand for oil. Ongoing disagreements between OPEC, Saudi Arabia, and Russia on a response strategy and increased production sees global crude prices drop to the $20 range, something we have not seen in decades.
Compounding the crisis in North America is the market influence over the past few years, which drove operators to focus on cash flow and profitability over production and capital discipline with limited access to equity and additional debt. Operators will need to work closely with service providers to once again make step changes in optimizing value, improving efficiency, and eliminating downtime and wasted resources.
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