Effective change communications is key to maintaining morale & resilience
The coronavirus pandemic has taken a huge toll on the oil and gas industry, expected to wipe out $1.8 trillion in revenue—the largest monetary hit of any business sector. Even as life creeps slowly back to some kind of “new normal,” we’re seeing an avalanche of changes ripple through the industry.
While companies like BP, Pemex and others are suspending contracts and laying off thousands of employees, including many senior-level positions, others are diversifying to overcome oil pricing volatility. As zero-carbon investments become more attractive, some European big oil companies like Shell and Total are adding more renewables to the mix. Others, like Exxon, Chevron and ConocoPhillips are sharpening their focus on operational efficiency aiming to lower costs and manage margins, while improving their economies of scale and tightening integrations between upstream, refining and petrochemicals.