The oil and gas industry is notorious for riding the boom and bust cycles inefficiently. When oil is over $80 a barrel, the profits are large enough companies choose to ignore innovation and spend on growth instead. The problems compound the faster you grow until you can’t survive below $70 per barrel.
When prices are low, there is a slash and burn reaction because the company was never set up to be efficient. Now, the money and resources are not there to support creating efficiencies. […]