Since the price downturn, companies have prioritized digital technologies, artificial intelligence, automation, robots and drones, connectivity, and data analytics in their budgets.
Even though a large amount of shale production is hedged for this year, the industry is still vulnerable to cost inflation, access to capital markets and investment banks, and fluctuations in the oil price.
Cost reductions seen throughout the industry could end up being cyclical. An increase in drilling activity will likely grant greater leverage to OFS companies, who may ultimately pass on higher expenses to oil companies.
Even though the oil market has risen considerably since February, bankruptcies, staff layoffs, capital expenditure cuts, and falling productivity continue to be commonplace during the price downturn that has so far lasted for seven straight quarters.
What to know about "The Bribe Factory," Monaco-based Unaoil's many illicit dealings with oil producing countries and companies.
KPMG: Even as national and international oil companies continue to call the shots, oilfield service companies have emerged as the "unsung workhorse" of the oil industry.
Against the backdrop of high debt, capex cuts, and more E&P bankruptcies, 2016 will be a slog for oilfield services, just like everyone else in the oil and gas industry.
Although the oilfield service giants will undoubtedly survive, there’s a lot of uncertainty going forward, prompting them to focus on cost per barrel optimization and improving efficiency
The U.S. oil industry is clamoring around a technology breakthrough that promises to extract more oil while slashing costs. But is "refracking" worth all the hype?