Volatile oil prices present both challenges and opportunities for producers, energy service companies, and consuming and processing industries. Capturing the opportunity demands a structured approach, the attention of senior management, and rapid action. This is a tall order, but a critical one, as the steps that companies take in today’s exceptional market will dictate their competitive position in the next phase of the cycle.
In crafting responses to this environment, companies should keep in mind three lessons from past oil cycles:
