Chad Spencer, CEO of Houston-based Hazeltine Executive Search Partners (HESP), a member of the Sanford Rose Associates Network, described which companies “tended to thrive and actively recruit in low oil and gas price environments.” in a statement sent to Rigzone. .
Integrated oil businesses are one example, Spencer said, calling them “a beacon of resilience.”
“Integrated oil companies, with their diversified operations spanning exploration, production, refining and marketing, have consistently shown resilience in tough times,” Spencer told Rigzone.
“While cost-cutting measures may be implemented, these companies often prioritize strategic procurement in areas such as research and development, refining and technological advancements,” he added.
“By investing in innovation and leveraging their long-term vision, integrated oil companies strengthen their competitive advantage and position themselves for sustained growth even in low price environments,” he continued.
National Oil Companies (NOCs) were another example highlighted by Spencer, who noted that NOCs play a vital role in the oil and gas industry, “acting as stewards of their country’s resources”.
“Despite the declines, NOCs maintain a strategic focus on domestic reserve development. Their hiring priorities tend to revolve around critical roles related to field development, reservoir management and infrastructure projects,” he said. Spencer said.
“By nurturing and investing in local talent, NOCs ensure energy security and strengthen economic stability, making them key players in times of industry volatility,” he added.
Spencer also singled out service firms as businesses that tend to thrive and actively recruit in low-price environments, describing them as “operating efficiency enablers.”
“During periods of low prices, exploration and production companies often look for cost-effective solutions to streamline their operations,” Spencer noted.
“This creates opportunities for service companies, which specialize in providing equipment, technology and services to industry. In response, service companies continue to hire professionals in areas such as well maintenance, equipment service, drilling services and technological innovation,” he said.
“By serving as enablers of operational efficiency, these companies contribute significantly to the success of their clients as they navigate challenging market conditions,” continued Spencer.
Midstream companies were chosen by Spencer as another example.
“Midstream companies, responsible for transporting, storing and processing oil and gas, show resilience even during periods of market volatility,” he told Rigzone.
“With long-term contracts and regulated operations, they offer stability in turbulent times. As a result, midstream companies can maintain their hiring practices, particularly in positions related to pipeline operations, logistics, storage facility management and asset optimization,” he added.
“Its integral role in anchoring the energy supply chain ensures its continued relevance amid changing market dynamics,” he said.
Spencer also highlighted to Rigzone that, “in response to the evolving energy landscape, many oil and gas companies are diversifying their portfolios by adopting renewable energy sources.”
“During low oil and gas price environments, these companies often prioritize their renewable energy divisions and look for professionals with experience in solar, wind and hydro power generation,” he said.
“By actively hiring in this growing sector, forward-thinking organizations take advantage of sustainability trends and position themselves for long-term success,” Spencer added.
At the time of writing, the price of Brent is trading at $72.61 per barrel, the price of West Texas Intermediate (WTI) is trading at $68.03 per barrel, and the price of Henry Hub gas is trading at at $2.79 per million British thermal units (MMBtu).
Last year, the Brent crude price averaged $100.94 per barrel, WTI averaged $94.91 per barrel, and the Henry Hub price averaged 6, $42 per MMBtu, according to the US Energy Information Administration’s (EIA) latest Short-Term Energy Outlook (STEO), which was released earlier this month.
The latest EIA STEO projects that by 2023, Brent will average $79.54 per barrel, WTI will average $74.60 per barrel, and the Henry Hub price will be $2.66 per MMBtu on average
The EIA describes itself as the statistics and analysis agency of the United States Department of Energy. The organization collects, analyzes and disseminates independent and unbiased energy information to promote sound policymaking, efficient markets and public understanding of energy and its interaction with the economy and the environment, the EIA notes in the your place
To contact the author, please send an email andreas.exarcheas@rigzone.com
