“After two years of hunkering down, struggling U.S. oilfield service providers are preparing for an expected oil-price recovery in an unexpected way: filing for bankruptcy.
Companies that drill wells, haul water and provide other services to energy exploration firms have been waiting out a slump in oil prices by idling machinery, laying off workers and extending deadlines for repaying debts. Now they are turning to Chapter 11 creditor protection to shed debt and raise cash so they can spend and invest again.
Without bankruptcy, many of small and medium-sized service companies risk missing out on any upturn that could follow President-elect Donald Trump's prodrilling agenda or OPEC's plan to cut oil production for the first time in eight years, restructuring advisors said.” (Eyeing upswing, more U.S. oilfield service firms restructure, Reuters, Dec 2016)
“As oilfield services companies grow into this space, they handle more risk. The current low oil price environment may accelerate that trend, leading them and oil company operators into new partnerships through which risk can be shared and project delivery optimized”. (KPMG, Unsung workhorses of the oil industry – Oilfield Services Companies, March 2016)
The oil and gas sector is a diverse one made up of various types of firms including IOCs (International Oil Companies), NOCs (National Oil Companies), Independents, Junior oil firms and Oilfield Service Providers.
Oilfield Service Providers have been called the workhorse of the oil and gas sector. During the 2014-2016 oil price drop Oilfield Service Providers also suffered under falling profits due to the issues facing their customers, price cuts and the wider turbulent business environment. Like many firms in the sector Oilfield service providers had to rethink and be flexible in their approach to strategy and the choices they made during this time always with an eye for the future.
Critically examine the relationship and the need for compatibility between corporate strategic and functional management policies.
Demonstrate the need for flexibility in strategic management and the practical limits of quantifying corporate strategy.
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