If OPEC action drives crude oil averages to $55 per barrel and beyond, the oil and gas industry will be cash flow positive for the first time since the downturn began in 2014, Wood Mackenzie says. With breakeven rates cut in half and optimism that oil prices will stabilize at or above $55 per barrel, the oil and gas industry is poised to begin 2017 on firm ground, according to Wood Mackenzie’s global corporate outlook for the new year. “Overall 2017 will be a year of stability and opportunity for oil and gas companies in positions of financial strength,” said Tom Ellacott, senior vice president of corporate analysis research at Wood Mackenzie (WoodMac), in a statement. “More players will look at opportunities to adapt and grow their portfolios.” In assessing the prospects for major, independent and national oil companies, WoodMac zeroed in on five key themes: Strengthening finances will […]