According to the University of Houston, Houston-based Diamond Offshore Drilling has already filed for Chapter 11 bankruptcy amid the coronavirus pandemic. Experts who watch the industry say more bankruptcies are on the way.
Shell isn’t the only company making big changes to withstand the unprecedented oil-industry disruption caused by Covid-19. Also, the author Forbes mentions that, based on the latest financial disclosure Chevron has Probability Of Bankruptcy of 33.0%. This is 31.56% lower than that of the Energy sector, and 23.45% lower than that of Oil & Gas Integrated industry, The Probability Of Bankruptcy for all stocks is 17.15% higher than the company.
The oil and gas industry is increasingly becoming a digital convert, driven by the operational efficiency that big data, advanced analytics, and machine learning can bring. But while all this activity is encouraging, many companies struggle to make a tangible impact at scale. It is also difficult to define metrics and track ROI on digital investments.
This is certainly not because there is insufficient value at stake. For oil and gas companies that successfully introduce digital across their businesses rather than in single-use cases, there are considerable benefits.
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