• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    2023 CEO Forum

    The 2023 Automotive Coatings Market

    Color Trends in the Paint and Coatings Industry

    2023 European Coatings Show EXHIBITOR SHOWCASE

    Industry is Looking Forward to the 2023 European Coatings Show
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    PPG Names Rodolfo Ramirez GM, Packaging Coatings

    Sherwin-Williams Unveils High Performance Interior Marine Decking Systems

    AkzoNobel Appoints Ricardo Rosso as Pontiac Site Manager

    Sherwin-Williams Publishes Sustainable Packaging White Paper

    Heubach Launches Automotive Styling Shades 2027
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    Sherwin-Williams Wins Three AMPP Awards

    Norwegian Cruise Line Goes Biocide-Free with Nippon Paint Marine's AQUATERRAS

    Stahl Completes Acquisition of ICP Industrial Solutions Group

    The 2023 Automotive Coatings Market

    Color Trends in the Paint and Coatings Industry
    Additives
    Binders
    Pigments
    Solvents

    Pidilite Industries to Highlight Product Offerings at ECS

    OQ Chemicals Reduces CO2 Emissions at Bay City, Texas Plant by 10% in 2022

    Orion Debottlenecks Plant in Germany for High-Jetness Carbon Blacks

    Evonik Obtains Certification for VISIOMER Terra Biobased Methacrylates

    BASF Invests in Expansion of Polymer Dispersions Plant in Daya Bay, China
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    EPS

    Shepherd Color Company, The

    Arkema

    Active Minerals

    Siltech Corporation
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    Southern Society for Coatings Technology Annual Meeting and Technology Conference

    Eastern Coatings Show

    CPCA Annual Conference

    66th Annual Sink or Swim

    Middle East Coatings Show
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    EPS

    Shepherd Color Company, The

    Arkema

    Active Minerals

    Siltech Corporation
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Market Research

    Deloitte Study: The Future of Work in Oil, Gas and Chemicals

    COVID-19 and the oil downturn make workforce and business transformation a strategic imperative.

    Deloitte Study: The Future of Work in Oil, Gas and Chemicals
    Coatings World staff10.06.20
    Key takeaways

    The U.S. oil, natural gas and chemicals (OG&C) industry slashed 107,000 jobs from March to August 2020, the fastest rate of layoffs in the industry’s history.
    Heightening employment cyclicality and layoffs are challenging the industry’s reputation as a reliable, long-term employer.
    The sensitivity of U.S. OG&C employment to oil prices is extremely high, with a dollar change in oil price potentially affecting 3,000 upstream and oilfield services jobs.
    In a business-as-usual scenario of waiting and responding to oil price cycles, about 70% of jobs lost during the pandemic may not return by the end of 2021 at $45 per barrel.
    This downturn or the “great compression” is like no other, challenging fundamental and deeply interconnected dimensions of the industry’s work, workforce and workplace.

    Why this matters
    The industry’s reputation as a reliable employer has been challenged following big layoffs and heightened cyclicality in employment triggered by recent subsequent downturns and the COVID-19 pandemic. Deloitte's new study, "The Future of Work in Oil, Gas and Chemicals: Opportunity in the time of change,” explores the opportunities today’s changed environment could present organizations to transform themselves and bolster their earlier appeal with current and prospective employees.

    Employment cyclicality is plaguing the industry
    The short-cycle nature of shales has made hiring extremely cyclical. From 2014-19, a dollar movement in oil price affected 3,000 upstream and oilfield services jobs compared to 1,500 in the 1990s. With COVID-19 leading to the fastest layoffs in the industry’s history, the study highlights that 70% of jobs lost during the pandemic may not return by the end of 2021, assuming a $45 per barrel oil price, if OG&C companies continue to operate as-is.

    This downturn is like no other and will have profound impacts on the industry
    Simultaneously confronted with multi-decade low prices, unforeseen demand destruction, and changes in end-use consumption due to mass telecommuting, mounting debt loads, and renewed focus on health from COVID-19, the industry is entering a period of "great compression.” This compression is stressing the three deeply connected future of work dimensions of an OG&C organization — the core hydrocarbon business model itself (“work”), who does the work (“workforce”) and where work is done (“workplace”). OG&C companies have a big task in hand to decarbonize their work; develop a new workforce architecture with people and for people; and ensure continuity of operations and mitigate risks associated with the new remote workplace environment. 

    Key quote
    "The oil, gas and chemicals industry was built on human ingenuity; innovation and grit; and it is that same spirit that will forge the industry’s next reboot and revitalization. Companies that choose to see the coming decade as an opportunity for transformation will likely not just outlive this compression but may even lead the industry into the future of work. By putting people at the core of business transformation strategies, the industry may hopefully regain its appeal and position itself for what’s expected to be a much different landscape in the future.”

    - Duane Dickson, vice chairman and U.S. oil, gas and chemicals leader, Deloitte LLP

    The time for transformation is now
    Today’s changed environment has given OG&C organizations the much-needed “why not” to transform themselves and find new ways to reclaim their previous appeal. Given the convergence of pressures from the great crew change, global pandemic, energy transition and “great compression,” the study outlines four levers of transformation that could push OG&C organizations into the future.
    • About 1% to 2% of oil and gas capital expenditures were spent on green energy in 2019. As the pandemic has put the spotlight on the health and well-being of people, pursuing
    “Sustainability as a way of business” and creating a structured energy transition pathway with tangible medium-term targets should be considered.
    Less than 15% of the industry’s 2019 job postings were data analytics/mathematics majors and less than 1% of jobs offered flexible workplace options. Creating a structured roadmap for “Digitalization to transform who does the work and how the work is done” holds the potential to unlock new operational gains, effectively manage a distributed workforce and virtualize the entire business model through technology-enabled, human-driven decision-making.

    • More than 45% of the industry’s personnel are tenured with most retiring in five to seven years, while total U.S. university graduates for technical courses like petroleum and geological engineering courses have dropped by 15-21%.
    “Building a workforce of the future” will require OG&C companies to attract people across generations by promoting sustainability and creating new work profiles around new energy business, offering new digital ways of working, making flexible/remote working a reality and building a sense of pride among workforce towards the work and organization, amongst other things.
    • Operational agility in the last downturn helped the industry drive operating costs down from 17% to 30%, but efficiencies seem to be plateauing with suppliers having limited room to reduce costs further.
    This downturn requires “Organizational agility” as the way forward, by challenging traditional way of functioning, including how companies have set up their core and support functions; and how they manage resources and work with partners.

    Key quote
    “While extremely challenging, this downturn presents an opportunity for companies to reposition. This is the time for strategists to make bold choices today that affect the work of tomorrow; and to adopt redesigned, cyber-physical teams and embrace a digital workplace culture as a basis for future innovation.”
            - Kate Hardin, executive director, Deloitte Research Center for Energy & Industrials, Deloitte Services LP

    For more information go to www.deloitte.com
    Suggested For You
    Revelli Chemicals Inc. Revelli Chemicals Inc.
    Miwon Specialty Chemicals Co. Ltd. Miwon Specialty Chemicals Co. Ltd.
    Axalta Updates Financial Guidance Axalta Updates Financial Guidance
    Nippon Paint Marine Registers Spike in Turkish Drydockings Amid Asia Capacity Concerns Nippon Paint Marine Registers Spike in Turkish Drydockings Amid Asia Capacity Concerns
    Paint Specialist Flügger Maintains Momentum in Q1 2021-22 Paint Specialist Flügger Maintains Momentum in Q1 2021-22
    RPM to Hold Virtual-Only Annual Meeting of Shareholders RPM to Hold Virtual-Only Annual Meeting of Shareholders
    PPG Launches Virtual PPG Aerospace Academy Education Program PPG Launches Virtual PPG Aerospace Academy Education Program
    Lanco Paints & Coatings Expands in the Americas Lanco Paints & Coatings Expands in the Americas
    Indorama Ventures to Buy Brazil-based Oxiteno Indorama Ventures to Buy Brazil-based Oxiteno
    Sherwin-Williams Issues 2020 Sustainability Report Sherwin-Williams Issues 2020 Sustainability Report
    Global Advanced Bactericidal & Viricidal Coatings and Surfaces Markets 2021-2030 Global Advanced Bactericidal & Viricidal Coatings and Surfaces Markets 2021-2030
    Michelman’s Workplace Culture Honored Worldwide Michelman’s Workplace Culture Honored Worldwide
    Q-Lab Announces UVC Testing Capabilities at Accelerated Contract Test Services Facilities Q-Lab Announces UVC Testing Capabilities at Accelerated Contract Test Services Facilities
    European Anti-corrosion Coatings Market to Grow to $4.5 Billion by 2027: Graphical Research European Anti-corrosion Coatings Market to Grow to $4.5 Billion by 2027: Graphical Research
    PPG Recognized for Environmental, Social and Governance (ESG) Practices PPG Recognized for Environmental, Social and Governance (ESG) Practices

    Related Buyers Guide Companies

    • Revelli Chemicals Inc.

      ...
      John Revelli, vp 10.24.22

    • Miwon Specialty Chemicals Co. Ltd.

      ...
      Robert O'Toole, VP/Dir 10.29.21

    • Breaking News | Financial News | Market Trends & Forecast
      Axalta Updates Financial Guidance

      Axalta Updates Financial Guidance

      Axalta updates financial guidance to reflect ongoing impacts of customer supply chain shortages and raw material and logistics constraints.
      09.22.21


    • Breaking News | Marine Coatings | Paint & Coatings Manufacturer News
      Nippon Paint Marine Registers Spike in Turkish Drydockings Amid Asia Capacity Concerns

      Nippon Paint Marine Registers Spike in Turkish Drydockings Amid Asia Capacity Concerns

      Nippon Paint Marine has registered a significant spike in Turkish drydockings as operators of small- to mid-size tonnage redirect vessels from Asia.
      09.22.21

    • Breaking News | Financial News | Paint & Coatings Manufacturer News
      Paint Specialist Flügger Maintains Momentum in Q1 2021-22

      Paint Specialist Flügger Maintains Momentum in Q1 2021-22

      Sales were $766 million for the quarter, up 17% in the prior year period.
      09.21.21

    Loading, Please Wait..
    Trending
    • Sherwin-Williams Unveils High Performance Interior Marine Decking Systems
    • Lots To See At The 2023 European Coatings Show!
    • Sherwin-Williams Publishes Sustainable Packaging White Paper
    • Scenes From The 2023 European Coatings Show
    • Heubach Launches Automotive Styling Shades 2027
    Breaking News
    • PPG Names Rodolfo Ramirez GM, Packaging Coatings
    • Sherwin-Williams Unveils High Performance Interior Marine Decking Systems
    • AkzoNobel Appoints Ricardo Rosso as Pontiac Site Manager
    • Sherwin-Williams Publishes Sustainable Packaging White Paper
    • Heubach Launches Automotive Styling Shades 2027
    View Breaking News >
    CURRENT ISSUE

    March 2023

    • 2023 CEO Forum
    • The 2023 Automotive Coatings Market
    • Color Trends in the Paint and Coatings Industry
    • 2023 European Coatings Show EXHIBITOR SHOWCASE
    • Industry is Looking Forward to the 2023 European Coatings Show
    • View More >

    Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
    You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

    • About Us
    • Privacy Policy
    • Terms And Conditions
    • Contact Us

    follow us

    Subscribe
    Nutraceuticals World

    Latest Breaking News From Nutraceuticals World

    Kemin Human Nutrition & Health Acquires Oral Health Ingredient
    Wiley Eliminates Outer Carton From Packaging to Reduce Waste
    ACG Expands as Vantage Nutrition Acquires ComboCap and its Dual-Chamber Capsule Technology
    Coatings World

    Latest Breaking News From Coatings World

    PPG Names Rodolfo Ramirez GM, Packaging Coatings
    Sherwin-Williams Unveils High Performance Interior Marine Decking Systems
    AkzoNobel Appoints Ricardo Rosso as Pontiac Site Manager
    Medical Product Outsourcing

    Latest Breaking News From Medical Product Outsourcing

    Aural Analytics' Speech Analytics Software for ALS Gains Breakthrough Status
    Bigfoot Biomedical Acquires Insulin Titration Algorithm from McGill
    Apply Now: Junkosha's Technology Innovator of the Year Awards 2023
    Contract Pharma

    Latest Breaking News From Contract Pharma

    Thermo Fisher, Arsenal Biosciences Partner to Manufacture Autologous T-Cell Therapies
    Aquestive Therapeutics Expands Libervant License/Supply Agreement with Pharmanovia
    OncoVent, Orient EuroPharma Enter License Agreement for Oregovomab
    Beauty Packaging

    Latest Breaking News From Beauty Packaging

    GK Launches Vegan Hair Styling Range
    Sexual Wellness Brand Playground Recruits Christina Aguilera
    Buttah Skin Founder Wins Emerging Brand Partner of the Year Award from Macy’s
    Happi

    Latest Breaking News From Happi

    Kao Launches Space Shampoo Sheet for Haircare
    Procter & Gamble Brings Tide Relief Project to Mississippi Tornado Victims
    Cleaning Industry Leaders Head To Capitol Hill on March 29
    Ink World

    Latest Breaking News From Ink World

    INX International Makes Investment in Gooten
    Videojet Launches 1580 C Soft-Pigmented Contrast Printer
    Epson to Showcase Textile, Signage and Aqueous Printers at ISA 2023
    Label & Narrow Web

    Latest Breaking News From Label & Narrow Web

    AWA announces first International Linerless Label Conference
    Apex partners with MicroDynamics for anilox quality control
    Industrias Omega adds Durst Tau RSC E
    Nonwovens Industry

    Latest Breaking News From Nonwovens Industry

    SharpCell Launches Plastic-free Airlaid Material for Premium Napkins
    Suominen Offers Biolace Ultrasoft
    Maxcess Offers More Engineering and Converting Solutions for Iberia
    Orthopedic Design & Technology

    Latest Breaking News From Orthopedic Design & Technology

    Collagen Matrix Rebrands to Regenity Biosciences
    OsteoBoost Study Yields Positive Results
    Conventus Flower Ortho Appoints Jeff Culhane as COO
    Printed Electronics Now

    Latest Breaking News From Printed Electronics Now

    Universal Display Sponsors, Presents at ICDT 2023
    Miron Washington Joins Impinj Board of Directors
    All-Time High for Global 300MM Semiconductor Capacity in 2026: SEMI

    Copyright © 2023 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

    AD BLOCKER DETECTED

    Our website is made possible by displaying online advertisements to our visitors.
    Please consider supporting us by disabling your ad blocker.


    FREE SUBSCRIPTION Already a subscriber? Login