June 3, 2020
How oilfield services companies can build a returns-focused culture
Oilfield services (OFS) companies have a long history of linking culture and incentives to revenue growth and market share rather than return on capital. OFS companies traditionally gave huge pricing concessions to oil and gas companies and generated impressive technological breakthroughs. Although this was instrumental in moving upstream projects forward through reduced break-evens, the OFS sector itself has been unsuccessful in garnering its share of the value created for its customers. The OFS sector should abandon habits, attitudes and metrics that encourage a “growth at all costs” mentality. An EY article provides details.