No one could have foreseen the sharp contraction in energy demand brought about by COVID-19 and the corresponding “sudden stop” in the global economy. Not only is it unprecedented, it’s also completely outside of the control of the US domestic energy industry.
While there’s still plenty of uncertainty, we’ve had a few weeks to get a little bit of a read on what we can and can’t control So, let’s focus on what we can control.
And that’s closing the break-even gap to other global players.
We need to make domestic production more competitive and more resilient. As an industry, we did it in 2016 through innovation, hard work, and a relentless drive to be profitable at depressed commodity prices. It’s time we muster the grit do it again. To meet this challenge head on with the same determination to dictate our own course of action and success.
Extract is committed to helping our customers lower break-even costs and reduce total lease operating expenses. We’re going to maintain our operational capability and be the same responsive, nimble, flexible partner that you’ve come to know. We’re going to innovate. We’re going to help our domestic producers endure. That’s our pledge to you.
We’ll do so by staying true to the core values that have driven our family of companies since day one:
The last 30 days have been difficult, and more challenges definitely lie ahead. But its times like these where our collective true character shows. And, as far as we see it, the only way out is through. So, let’s get to work and focus on what needs to be done, together.