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Bloomberg – Energy CEOs Adopting Accountant Mindset
The slide in oil prices has chief executives across the energy industry focused on conservative investment decisions, smaller workforces and making spending cuts to firm up corporate balance sheets. “More than anything, they’ve got to do more with less,” Carol SingletonSlade, leader of Egon Zehnder’s Global Energy Practice, told Bloomberg at the 2015 CERAWeek conference in Houston. While some oil executives are emphasizing partnerships and collaboration to align their budgets with lower commodity prices, others look to technological advances that can help cut costs. According to Trent Aulbaugh, Egon Zehnder’s Houston Office Leader, shale producers have had an advantage over larger international companies as they have already transitioned into a “manufacturing mode” in trying to work more cheaply, but the downturn takes those skills required of senior executives “to a whole new level.”
Full story: Joe Carroll: Oil Price Rout Has CEOs Courting Accountants Not Wildcatters in Bloomberg (21 April 2015).