Insight
What cuts are required to achieve cash flow neutrality?
Report summary
Survival mode has returned to the oil and gas sector. Corporate financials are in better shape than in 2014 but the room for manoeuvre is more limited. Can companies cope with prices this low? This crisis is very different from 2014/2015: debt and equity markets are all but closed for the US Independents, in sharp contrast to the previous oil price collapse. Upstream M&A liquidity is also limited. Survival will rely on swift and deep cuts to investment.
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