Editorial

Tightening belts: how operators are responding to the falling oil price

Opex and capex ber barrel remain significantly above 2004 levels

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Despite significant actions taken in cost and efficiency across the oil and gas industry over the last 18 months, opex and capex per barrel remain significantly above 2004 levels.

Many operators have successfully reduced their cashflow breakeven, but the weight of action has fallen on dividend distributions and investment.

Andy Tidey, SVP Performance Improvement, explores the ways in which upstream companies are adjusting to the low oil price environment.