By now you’ve read way too much about the effects of the first oil price war of the new decade—it’s not going to be the last. Now that the yellow caution lights are flashing, just hit the reset button. I don’t mean to be naive, but it does no good to run around with your hair on fire during an oil price shock with an unknown duration. Certainly, this price rout should force every company to reset its 2020 plans, even if the price rebounds by the time you’re reading this.

For 2020, stick to your core business but adjust your strategy. Keep running the numbers and analyzing the data. Continue to tweak everything to cut expenses. Hunker down and slow down.

In years past, we’ve seen that unexpected, disruptive price shocks do not last. The price and rig count always come back, although the timing is never clear.

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