Oil price volatility has created a new normal for exploration and production companies. Gone are the days when private equity-backed operators need only prove their reserves before selling or when operators could focus predominantly on top-line revenue growth. Volatility has squeezed profits – by more than 60% – and exposed operational inefficiencies. Operators now face the reality of generating sufficient margins to persevere through market drops in oil prices or holding on to investments for longer when the initial intent was to flip.
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