Bend, Don’t Break How Shale Operators Can Survive Volatile Commodity Prices The Boston Consulting Group (BCG) is a global management consulting frm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for- proft sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep in sight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable compet itive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 85 ofces in 48 countries. For more information, please visit bcg. March 2017 Paul Goydan, Andrea Ostby, John Snipes, and Andrei Sardo Bend, Don’t Break How Shale Operators Can Survive Volatile Commodity Prices 2 Bend, Don’t Break AT A GLANCE Following an extended period of strong fnancial performance, North American shale operators fnd themselves in retrenchment mode, weighed down by a sub- stantial decline in oil prices and the absence, to date, of a meaningful and sus- tained recovery. They must strike a balance between doing what is necessary to negotiate today’s challenging environment and preparing themselves for the future. Hunkering Down While Building Flexibility Operators have taken a range of defensive measures in response to the current challenges, including reducing head count and capital expenditures. The risk is that such moves will leave these companies ill prepared for tomorrow’s competitive arena, one likely to be highly volatile and to demand considerable fexibility. Four Must-Haves for Sufficient Flexibility To thrive in tomorrow’s market, operators will need the ability to adjust production not just quickly but efciently. This will require four distinct capabilities: operating rules that provide a blueprint for fexible operations and a fexible organization; a responsive supply chain that can adapt to changing market conditions; a culture that institutionalizes acquired knowledge; and dynamic stafng capabilities, supported by digital technologies, that enable and support a fexible workforce.
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