As 2020 closes, bankruptcy has become a widespread reality of the oil and gas landscape, and for as many companies that have begun the process, there are plenty of others for which it remains an imminent possibility, according to Seth Bullock, managing director for Alvarez & Marsal and leader of the firm’s oil and gas restructuring practice.

Speaking during a recent Houston Energy Finance Group webinar, Bullock called for a rapid mindset and methodological shift. Overall, he said the industrywide imperative is to become “predatory and opportunistic” in response to an environment of severe price depression and capital unavailability.

Bullock began the discussion with a sober reminder that, despite the extraordinary events of this year—namely the COVID-19 pandemic—low commodity prices are representative of historical norms over the long-term. As a result, low prices should form part of an oil and gas company’s standard operating premise.

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