COVID-19: CEO Roadmap

Clearly, the near-term impact on the industry appears devastating—many companies face an existential risk. The immediate response for all oil and gas companies should be to ensure the safety of its workforce and continuity of operations. Beyond that, many will announce cuts in broad capital and discretionary spend. However, the industry needs to recognize that both this cycle and the post-cycle will be different, and that it requires taking different measure, than from the 2014/15 downturn playbook to enable survival in the near term and to thrive in the medium term.

A one-two punch for oil markets

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CEOs should consider five essential steps to take now to build resilience:

Setting up a 24/7 virtual command center

Fast-tracking competitiveness

Improving liquidity

Unlocking operational resilience

Leveraging support infrastructure

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Each of these steps should include 30- 60- and 60+-day detailed plans, critical elements of which should feed into a CEO’s checklist for the short and medium term:

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Projections based on Accenture analysis and experience working with oil and gas companies.

Disclaimer: This document is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.

A roadmap for CEOs

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