No one had seen anything like this. Unlike previous downturns, no amount of bracing could save some oil companies from bankruptcy or falling into the arms of peers with stronger balance sheets. With an oil price war between OPEC+ brewing and a pandemic spreading across the world, the oil and gas industry buckled under the pressure of slowed demand as travel came to a near halt in the spring. Oil prices nosedived. Producers shut in production. Previously trimmed budgets got even thinner, and operators and service providers alike laid off thousands. The situation, however, appears to have improved—at least as of late summer. Stay-at-home orders intended to slow the spread of COVID-19 eased, and production cuts brought supply and demand closer to balance. Oil prices stabilized around $40/bbl after falling into negative territory. Yet, the damage is evident, and the potential for more disruption and demand destruction exists. Planning for the next chapter in the predictably unpredictable oil and gas sector could seem like a tall order—not knowing which direction attempts to slow the global pandemic could swing demand. However, today’s market turmoil has not blinded executives from long-term company goals. It may have even shed more light on specific paths different types of companies are taking, evidenced by where capital is being directed

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