The oil and gas industry is well aware of the market’s ups and downs. At a time of high risk and low margins, the behavioral trend is to do little or nothing new. This can make sense, but also the downturn can be a time to test and push the boundaries. As cash is low, you need to be smart. The up-cycle is where you might be able to create an excess of cash reserves so that you can push the envelope during tougher times.
Every industry has its ups and downs — and no one enjoys a downturn. Taking the lessons from past downturns is one of the key tips for success. A good strategy is to look beyond the cycle and keep your eye on the future. That may mean continuing to invest in technology and in key strategic initiatives. Remain optimistic about the industry and ensure your organization is well-positioned for the rebound.
To learn more about using market cycles as a growth engine, hear from David Reid, Chief Strategy Officer at National Oilwell Varco, at our upcoming Best Practices for Oil and Gas conference in Houston, Texas. David will share insights from 25 years spent in a large, acquisitive, industrialization company in the highly cyclical business of oil and gas during his keynote on September 24.