The oil and gas industry is currently facing a market and price crash, with increased global turmoil and supply wars, as well as the disruption caused by the COVID-19 pandemic. The result has been a decrease in demand, lack of storage capacity, and oversupply. Integrated oil companies, particularly upstream independents, have faced similar crashes in the past, but have been able to recover. However, the current crash is more severe and the industry's ability to respond financially is more constrained now than it was in the past. Profit levels are lower, and the scope for consolidation is limited. The industry will need to navigate these challenges in order to power through the crisis.
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