Price crash response quicker than 2014
Players have moved more swiftly and in different ways to react to the current oil price slump compared to previous downturns, panellists tell PE Live
The pace of the oil and gas producing sector in confronting the demand-driven slide in crude and other energy prices is markedly different compared to the response to the 2014 price drop, industry experts said during the first webcast in the PE Live series on 7 April. The speed of response “feels faster”, says David Phillips, head of equity research, Developed Europe at bank HSBC. “Looking at the larger companies in particular, it feels that, in 2014/15, there was a lot of deliberation behind closed doors on which projects to prioritise and which to delay. Externally, we tended to hear about cutbacks a few months later. “This time around, it seems to be, ‘We know to need to cut, it needs to
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