Our research revealed a number of things reinvention leaders are doing that other oil and gas companies should mimic—namely, zeroing in on a distinct set of actions within each of the 5Cs to drive future profitability and competitive advantage. They are, for example:
- Focusing on returns on capital employed (ROCE) and ESG performance, not volumes, as drivers of future value.
- Embracing enterprise-wide challenges while aggressively and ambitiously transforming everything.
- Using cloud and digital platforms as critical enablers for reinvention of the business and operating model.
- Making carbon a source of competitive advantage.
- Taking a holistic view of both customer and employee engagement.
But our research also highlighted missed opportunities. For example, even leaders are not as focused as we believe they should be in the areas of ecosystem partnerships, cybersecurity, data management and innovation.
The bottom line is that industry players in all segments of the oil and gas value chain can learn from what the leaders are doing—and what they are not. That understanding will help them not only determine the right course of action in the areas of Competitiveness, Connectivity, Carbon, Customer and Culture, but also understand the gaps they need to avoid.