Like most others, the Energy Industry will be faced with challenges in 2009. As an energy consultant, we see the major integrated oil companies cutting back and the industry as a whole going through a restructuring process. However, in the Independents, the movers and shakers, we find a business sustainability strategy for 2009.
In a forum on Wednesday, representatives from Newfield Exploration, EnCana, and XTO presented business development plans for 2009. A common message presented itself across all presentations:
- Live within cash flow
- Execute business high-grading: redistribute resources to key assets
- Scale less profitable developments and operations to maintenance levels
- Establish positions to capture opportunities in the future
The representative from EnCana best summarized the strategy for 2009, “We will keep the powder dry”. This simple yet clear message captured the essence of the evening: position for the opportunities to come in the future and be ready to take action when the time is right.
We at Taiga Company couldn’t agree more. Now is the perfect time to regroup, get your house in order, build a sustainability plan for the future, and position your business to capture the opportunities that are on the horizon.
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