In a downturn, oil and gas companies are often quick to turn to cost cuts to preserve financial viability, a dangerous approach that can expose companies to even greater shortfalls in the near future. What's more, the preferred business model of the past decade—one that pits operators against suppliers—has not been effective in tackling turbulent markets and increasingly complex operations. The result? Upstream players are missing out on the key benefits of a more collaborative approach.
Here are three tactics for achieving better integration—and profitability—between operators and suppliers.