North America Upstream: 2015 in review

There is no doubt that 2015 has been one of the most harrowing years for the oil & gas industry for some time. Driven by plummeting commodity prices, the industry was forced to adjust rapidly to the supply/demand imbalance. Despite the pain that 2015 brought, companies made considerable gains in operational efficiency and well productivity; combine that with the cost savings from reduced service pricing, and the North American upstream industry proved more resilient at low prices than many initially feared.  In this note, we revisit the 15 bold predictions we made for 2015 in our January insight "North America Upstream: what to look for in 2015". All in all, we hit the mark on (roughly) 10 of our 15 predictions. See below as we detail where we were right, what we missed, and what most surprised us.