页岩气能源革命（英文）

Bend, Don’t BreakHow Shale Operators Can Survive Volatile Commodity PricesThe Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep in sight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable compet itive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 85 offices in 48 countries. For more information, please visit bcg.com.March 2017Paul Goydan, Andrea Ostby, John Snipes, and Andrei SardoBend, Don’t BreakHow Shale Operators Can Survive Volatile Commodity Prices 2 Bend, Don’t BreakAT A GLANCEFollowing an extended period of strong financial performance, North American shale operators find themselves in retrenchment mode, weighed down by a sub-stantial decline in oil prices and the absence, to date, of a meaningful and sus-tained recovery. They must strike a balance between doing what is necessary to negotiate today’s challenging environment and preparing themselves for the future.Hunkering Down While Building FlexibilityOperators have taken a range of defensive measures in response to the current challenges, including reducing head count and capital expenditures. The risk is that such moves will leave these companies ill prepared for tomorrow’s competitive arena, one likely to be highly volatile and to demand considerable flexibility. Four Must-Haves for Sufficient FlexibilityTo thrive in tomorrow’s market, operators will need the ability to adjust production not just quickly but efficiently. This will require four distinct capabilities: operating rules that provide a blueprint for flexible operations and a flexible organization; a responsive supply chain that can adapt to changing market conditions; a culture that institutionalizes acquired knowledge; and dynamic staffing capabilities, supported by digital technologies, that enable and support a flexible workforce. The Boston Consulting Group 3Operators must negotiate today’s highly challenging environment while maintaining the gains they have made in efficiency and posi-tioning themselves for tomorrow.Following a multiyear run of soaring output, surging revenues, and strong gains in production efficiency, companies engaged in the development of North American shale oil and gas find themselves in retrenchment mode, weighed down by the substantial decline in oil prices that began in mid-2014 and the absence, to date, of a meaningful and sustained recovery. Operators have abandoned earlier growth plans and cut spending materially, largely by reducing head count and scaling back capital expenditures. Some play