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Bend, Don’t Break How Shale Operators Can Survive Volatile Commodity Prices The Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for- profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep in sight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable compet itive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 85 offices in 48 countries. For more information, please visit . Bend, Don’t Break How Shale Operators Can Survive Volatile Commodity Prices Paul Goydan, Andrea Ostby, John Snipes, and Andrei Sardo March 2017 AT A GLANCE Following an extended period of strong financial performance, North American shale operators find themselves in retrenchment mode, weighed down by a sub- stantial decline in oil prices and the absence, to date, of a meaningful and sus- tained recovery. They must strike a balance between doing what is necessary to negotiate today’s challenging environment and preparing themselves for the future. Hunkering Down While Building Flexibility Operators have taken a range of defensive measures in response to the current challenges, including reducing head count and capital expenditures. The risk is that such moves will leave these companies ill prepared for tomorrow’s competitive