Independent Oil Companies
Among oil and gas producers, cash flow is directly affected by crude oil prices. In recent years, we have witnessed extremes at both ends of the crude price spectrum. In 2007 and 2008, crude prices continued their ascent into the $80 to $100 per barrel price range. By July 2008, crude oil prices reached a record high of $147.11 per barrel, heralding a vibrant third quarter earnings season only to be marred by the momentous collapse of both Lehman Brothers and AIG in September 2008. By December 2008, crude oil prices dropped to near $30 per barrel.
The industry has not witnessed such extremes in prices in recent memory. How do producers react and manage budgets, strategy planning, and capital expenditures in such price ...
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