In the first six months of 2020, 3,500 companies filed for bankruptcy. Experts expect insolvency numbers to surpass $100 million, rivaling the results of the 2008 economic crisis. There’s nothing to doubt: COVID-19 is deeply impacting companies. In fact, 58% of business leaders say that recent circumstances have completely changed their organization’s strategic priorities.
If this year has taught us anything, it’s be prepared for the worst case scenario — perhaps the bumper sticker of 2020. Business as usual was quickly usurped by the COVID pandemic and commodity prices touching down to a 30 year low. Coupled with a crippling lack of demand, oil & gas companies have been left with little choice: adapt to the low-priced oil environment and cut costs, or face dire consequences like layoffs, bankruptcies and other down-market results.