For years, O&G companies have struggled to achieve profitability, capture investors’ interest and secure public trust. Those challenges have been exacerbated recently by an abundance of supply, the growing decarbonization momentum, and the structural shifts in consumer behaviors. Many companies’ relevance—and even their social license to operate—are called into question.
And that was before COVID-19. The pandemic brought about a demand disruption that no one could have foreseen. It was a jolt to the energy system—a strong indication that returning to “business as usual” might be unlikely.
What is clear for many in the industry is that challenging established paradigms and looking into reinvention is essential for success. That mandate is forcing industry leaders to grapple with two fundamental questions: What should their portfolios look like? How would they win by investing in the right capabilities and ways of working?