www.pwc.

com/workingcapitalsurvey

Bridging the Gap

2015 Annual Global Working Capital
Survey of the Oil & Gas sector
Contents

Foreword Executive Exploration & Oil field services How we can Appendices Contacts
summary production support you

3 4 7 15 19 24 28

2 PwC Bridging the gap

Foreword

Foreword
summary
Executive
Welcome to PwCs Working Capital Survey of the Oil
& Gas sector. Working capital is the lifeblood of every
company and a barometer of free cash flows. Investors

and production
Exploration
value efficiently run businesses, where free cash flow
is maximised; however, we see that significant cash
is tied up in working capital, restricting the ability to
grow and impacting value.

Ross Hunter
PwC Global Oil & Gas Leader
In this survey, of over 900 oil & gas
companies, we look at the key working
capital trends across the globe in various
sub-sectors of Oil & Gas.
Oil field
services
All of these pressures lead to one conclusion,
the industry needs cash to support itself and
invest for the future. Working capital can
assist in tapping into this valuable resource.

The Oil & Gas industry is currently facing
tough challenges following the fall in oil
prices which commenced in the second
half of 2014. With no expectations of a
price rebound, exploration and production
support you?
How can we
Globally, PwC is working with many
companies to help optimise working capital
and achieve sustainable performance
improvement. What would you do if you
could realise the equivalent of 5% of

Appendices
(E&P) companies in the sector are being revenue from working capital.
forced to re-evaluate major capex projects
and implement long term cost reduction
strategies as they get use to a life of lower
for longer. Meanwhile oil field services
Alison Baker (OFS) companies are beginning to feel

Contacts
PwC UK Oil & Gas Leader margin pressure passed down from E&P
companies implementing cost reductions.

2015 Working Capital Survey in the Oil & Gas sector 3

Executive summary
A USD 338bn reservoir waiting to
be tapped
Globally, Oil & Gas companies are facing a challenging
trading environment following the crash of oil prices in the
second half of 2014. With many projects now unprofitable,
we have seen a large number of projects decommissioned
and unhedged production revenue reduce by up to 50%.
And with sanctions against Iran being dropped, adding
further supply to the global market, the likelihood of prices
bouncing back in the short term are slim.
For Oil & Gas companies, cash is particularly show considerable results from working
key right now. With the sharp decline in capital improvements in recent years, there is
oil prices, many projects are becoming still plenty to go for. Our results show both a
increasingly unprofitable and debt is cash opportunity and performance gaps that
becoming more expensive. Cash is a viable the industry needs to bridge. We estimate that
source of cheap financing and working up to USD 338bn of cash can be unlocked by
capital optimisation can help unlock cash E&P and OFS companies moving to the next
that will assist getting through these performancequartile.
uncertaintimes.
Having already helped to release over
In this study we look at Oil & Gas companies USD 28bn of working capital benefits to
across the world (both listed and unlisted) companies around the world, we believe
with revenue greater than USD100m in 2014 that we are in the best position to help your
in the E&P and OFS area. Whilst our findings company tap into this cash reservoir.

4 PwC Bridging the gap

 Foreword
For E&P companies
Q1 2015 USD 338bn Africa
revenues of listed
lags behind other
of cash could be unlocked from

summary
Executive
entities sampled
countries in terms
are down 20% the balance sheet of Oil & Gas

20%
of working capital
on the same companies. This represents
performance but
period last year USD 284bn for E&P

and production
Exploration
is improving
and USD 54bn
quickly
for OFS

Oil field
services
Oil eld service companies hold In 2014 the
ve times more Americas

support you?
How can we
working capital outpaced
Q1 2015 on average other E&P regions
results also show cash than the rest of by reducing net

Appendices
position deteriorating the industry working capital
from a worsening cash (NWC) by 4%
conversion efciency
(CCE)

Contacts
2015 Working Capital Survey in the Oil & Gas sector 5
6 PwC Bridging the gap
Exploration & production

USD 284bn

Foreword
of cash could be unlocked
by E&P companies

summary
Executive
and production
Exploration
on
Upstream companies

cti
are outpacing others

Oil
tion & produ
as they currently

fi eld
have NWC as a % of

servic

Oil field
services
sales at

ora
3% (the lowest

es
pl
of the group)

Ex

support you?
How can we
In 2014 the
Americas outpaced

Appendices
other E&P regions
by reducing NWC
by 4%

Contacts
2015 Working Capital Survey in the Oil & Gas sector 7
Our study looks at 806 companies in the E&P sector (both listed and unlisted) with revenues above USD 100m

Number of E&P companies in the study by region

18 Africa 21 Middle East

39 Australasia
68 Americas
96 Asia

232 Europe

323 USA, Canada

Revenue of E&P companies in the study by region ($ bn)

37 Africa
103 Middle East 76 Australasia
545 Americas

2,255 Asia

2,320 USA, Canada

2,409 Europe

8 PwC Bridging the gap

 With E&P companies seeing Q1 2015 revenue down 20%, cash will be a critical resource in realigning

Foreword
to a lower and more uncertain oil price environment

summary
Executive
The price outlook remains highly uncertain

and production
Exploration
160
Historical Evolution Long-Term Outlook

140

120
Brent $/bbl

Oil field
services
100

80

support you?
60

How can we
40

20

Appendices
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025

Contacts
EIA High Oil Price EIA Low Oil Price EIA Low Oil Price EIA Reference

IEA Crude Import IEA Crude Import Bloomberg Commodity

(realtermscurrent policies) (real terms new policies) Price Forecast

Source: EIA-AEO-Early 2015, IEA World Energy Outlook 2014; EIU; PwC research
2015 Working Capital Survey in the Oil & Gas sector 9
 7% 7% 7%
6%

5%
7% 7% 7%
2010 2011 2012 2013 2014
The focus on working capital improvement in the E&P sector initiated
6% in 2013 had a strong impact in 2014
5%

2010 2011 2012 2013 2014

E&P sector NWC as a % of revenue E&P NWC % by sub-sectors

8% 8%
2014: 7,745,376 Upstream companies are
7% 7% leading the charge in reducing
2013: 8,237,693
6%
NWC with an improvement of
2012: 8,046,011 8% 8% over 3%.
2011: 7,483,895
2010 2011
7% 2012 2013
7% 2014
2010: 5,731,173
6%
8% 8% 8% 8%
Revenue 8%
2010 8%
2011 8%
2012 8%
2013 2014
NWC %

5% Midstream
2010 2011 2012 2013 5%
2014 Upstream
7% 2010 2011 2012 2013 2014
Downstream
6% 6% 6%
Integrated
7% 5% 5%
7%
2010 2011 2012 2013 2014
6% 6% 6% 6%
5% 5% 5%
7% 7% 7%
2010
7% 2011
6% 2012
7% 2013
7% 2014
Working capital performance has improved over the five year period with a 6% 5%
2% decline in cash tied up in NWC since 2010. Performance has improved
with an additional USD 156bn of cash released in the current financial year. 2010 2011 2012 2013 5%
2014
2010 2011 2012 2013 2014

10 PwC Bridging the gap

8% 8%

8% 8%
 13%
11% 5%11% 11% 11% 11%
11% 11% 11%
2010 2011 2012 2013 2014 9% 9% 9%
9%
2010 2011 2012 2013 2014
9% 2010 2011 2012 2013 2014
8% 8% 8% 5%
11% 11% 13%
6% 2010 2011 2012 2013 2014
11% 11%
2010 2011 20129% 2013 2014 9% 11% 11% 11%
E&P companies in the Americas have improved by 4%, the
8% greatest
9%
improvement in the
9% regions
9%

Foreword
8% 8%
9%
8% 8%
5% 6%
7% 2010 2011 2012 2013 2014
6% 6% 2010 2011 2012 2013 2014 2010 5%
Europe Middle East2011 2012 2013 2014
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
9% 11% 11%
8% 8% 8% 8% 8%

summary
Executive
9%9% 7% 9%
7% 6% 6% 6% 8% 8% 8%
6% 6% 6% 2010 2011 2012 2013 2014
2010 2011 5%2012 2013 2014 6%
2010 2011 2012 2013 2014 2010 2011 2012 2013 5%
2014
8% 8% 2010 2011 2012 2013 2014

and production
7%
7%

Exploration
6% 6% 6% 6% 6%
6% 6% 6% 8% 5% 8%
2010 2011 5%2012 2013 2014 9% 7%
4% 2010 2011 6%
2012 2013 6%
2014
8% 8% 8%
USA/Canada
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Asia 6%
7% 6% 6% 6%
6% 6% 6% 2010 2011 2012
5% 2013 2014
5% 4%
7%
4% 4%

Oil field
services
2010 2011 2012 2013 2014 2010 2011 6%
2012 2013 6%
2014 6%
3% 3% 3% 5%
8% 8%
2010 2011 2012 2013 2014 2010 2011 2012 7%
2013 2014
6% 6%
6% 6% 6%
5% 4% 2010 4%
2011 2012 2013 2014
4%
13% 3% 3% 3%
6% 6% 6%

support you?
2010 2011 2012 2013 2014

How can we
2010 2011 2012 2013 2014 5%
4%
11% 11% 11%
2010 7%2011 2012 2013 2014
9% 6% 6% 6%
4% 5%

E&P NWC %
4%
2010
Americas2011 2012 20133% 20143% 3%
2010 2011 2012 2013 2014
2010 2011 2012 2013 2014 Australasia
4% 4%
3% 3% 3%

Appendices
11% 11%
2010 6%2011 6%
2012 6%
2013 2014
9% 9% 5%
Africa 4%
2010 2011 2012 2013 2014
5%
2010 2011 2012 2013 2014 13%

Contacts
11% 11% 11% 4% 4%
9%
3% 3% 3%
8% 8% 8%
9%
2010 2011 2012 2013 2014
6% 2010 2011 2012 2013 2014
2010 2011 2012 2013 2014

2015 Working Capital Survey in the Oil & Gas sector 11

11% 11%
8% 8%
9% 9%
7%
The Upstream sector had the greatest improvement in NWC with a 12 day reduction since 2013

Upstream 12 days Midstream 4 days

improvement improvement

20 18
20 18
18 18
20 20
19 19 16 16 15 15
12 12
12 12 10 10 Overall, performance has
58 60
58 60
58 58
55 55
45 45 35 35 37 37
35 35
improved across all streams from
32 32 30 30
2013 to 2014.
20 2018 1818 1820 20 -20 -20 -20 -20
-23 -23 -24
15 -23
-24 -23
-51 -48
-51 -44
-48 -44
-47 19
-47
-48 19
-48 16 16 15
12 12 This improvement has primarily
12 12 10 10
58 60
58 60
58 58
55 55 37
been driven by a decrease in DSO.
45 45 35 35
32 32 37
35 35
30 30
2010 2010
2011 2011
2012 2012
2013 2013
2014 2014 2010 2010
2011 2011
2012 2012
2013 2013
2014 2014
However the DPO of all
-23 -20
-23 -20
-24 -23
-24 -20
-23 -20
-51 -48
-51 -44
-48 -44
-47 -48
-47 -48 sectors, except Upstream, has
deteriorated over the past year by
2010 2011 2012 2013 2014 2010 2011
2010 2012
2011 2013
2012 2014
2013 2014
10 days overall.
2010 2011 2012 2013 2014

Downstream 4 days Integrated 4 days

improvement improvement

28 28
27 27 28 28
27 27 25 25
25 25
25 25 25 25
20 20 20 20
Days Sales Outstanding (DSO)
28 28
26 26
24 24
24 24 28 28
26 26
24 24
24 24
21 21
21 21
Days Inventories Onhand (DIO)
-30 -30
-29 -29
-29 -25
-29 -25 -33 -30
-33 -30
-29 -29
-29 -25
-29 -25
-33
28 -33
28 28 2827 27 Days Payables Outstanding (DPO)
27 27
25 2525 25 25 25
25 25
20 20 20 20
28
2010 2010
2011
28
26 2011
2012
26
24 2012
2013
24 2013
2014 2014 28
2010 28
26
2010
2011 24
26
2011
2012 24
2012
2013
24 24
2013
2014
21 2014
21
24 24
21 21

-30 -29 -29 -25 -25 -33 -30 -29

-30 -29
-29 -25
-29 -25
-33 -33 -30 -29 -29 -33
* calculated using averages across
2010 2011
2010 2012
2011 2013
2012 2014
2013 2014 2010 2011
2010 2012
2011 2013
2012 2014
2013 2014 each sub-industry and sub-sector

12 PwC Bridging the gap

 Executive Exploration Oil field How can we
Foreword summary and production services support you? Appendices Contacts
13
2015 Working Capital Survey in the Oil & Gas sector
14 PwC Bridging the gap
Oil field service

USD 54bn

Foreword
could be unlocked by
OFScompanies

summary
Executive
and production
Exploration
Ex
OFS companies

pl
ora
fi eld services
carry five

tion & produ

times more

Oil field
services
working

Oil
X5

c
capital than

tio
n
E&Pcompanies

support you?
How can we
Australasia
outpaced

Appendices
other OFS
companies
with the lowest NWC% of

Contacts
the sub-sector

2015 Working Capital Survey in the Oil & Gas sector 15

OFS companies have higher levels of working capital, largely
driven by elongated billing and collection cycles

Oil and Gas Services revenue and NWC %

2014: 320,108
2013: 266,251
2012: 270,713
2011: 238,166 Oil field services companies
have higher working capital
2010: 179,523
26%
balances than E&P companies.
Thisis largely due to the
purchasing power of the oil
majors allowing for easier
stretching of payment terms as
seen by the high DSO and DIO
ofOFS companies.
26%
26%
24% 26% OFS companies face a different
struggle in an environment
of low prices. Contracts
with E&P companies may be
renegotiated to reduce supply
chain costs. With reduced
profit margins, cash will be
critical to maintaining liquidity
until prices rise and improved
Revenue NWC %
contract rates return, including
working capital terms in
contract renegotiations which
will be essential.

16 PwC Bridging the gap

 Foreword
DSO 3 days

summary
Executive
improvement
93 86 87 92 89

93 86 87 92 89
2010 2011 2012 2013 2014

and production
93 86 87 92 89

Exploration
2010 2011 2012 2013 2014

2010 2011 2012 2013 2014

DPO 2 days
deterioration

Oil field
services
45 43 40 42 40

45 43 40 42 40

support you?
How can we
2010 2011 2012 2013 2014

45
2010
43
2011
40
2012
42
2013
40
2014

DIO 2 days

Appendices
2010 2011 2012 2013 2014 improvement

48 46 48 47 45

Contacts
48 46 48 47 45
2010 2011 2012 2013 2014

48
2010 46
2011 48
2012 47
2013 45
2014
2015 Working Capital Survey in the Oil & Gas sector 17

2010 2011 2012 2013 2014

18 PwC Bridging the gap
How can we support you

Foreword
Examples of areas where PwC could help you to
release cash from working capital:

summary
Executive
Accounts receivable

1 2 3 4 Credit risk policies

Aligned and optimised
Prioritised and proactive
collection procedures

and production
customer terms Systemsbased

Exploration
Billing timeliness dispute resolution
and quality Dispute root
Contract and cause elimination
Complete a Perform a Develop Assist the milestone management Asset based lending /
working capital diagnostic detailed action realisation of securitisation
benchmarking review to plans for sustainable
exercise to identify quick implementation working capital

Oil field
services
compare wins and to generate reduction by
performance longerterm cash and make implementing Accounts payable
against peers working capital sustainable robust,
Consolidated spending Supply chain finance
and identify improvement improvements. efficient and
Increased control with Payment methods
potential opportunities. collaborative

support you?
centre-led procurement and frequency

How can we
improvement processes.
opportunities. Purchasing channels to Eradicated early
avoid leakage payments
Aligned and optimised
payment terms

Addressing the key levers:
Identification, harmonisation and
improvement of commercial terms.
Appendices
Inventory
Lean and agile supply Differentiated inventory
chain strategies levels for different goods
Process compliance and monitoring.
Global coordination Balanced cash, cost
Creating and embedding a cash Forecasting techniques and service

Contacts
Process optimisation throughout the culture within the organisation, Production planning Asset based lending
endtoend working capital cycles. optimising the tradeoffs between Accurate tracking of
cash, cost and service. inventory quantities

2015 Working Capital Survey in the Oil & Gas sector 19

 Vertically integrated E&P companies have high working capital requirements working capital relevant
levers across the entire value chain can be used to improve working capital and realise previously
untapped opportunities

Upstream Midstream Downstream OFS

Exploration Production Transportation Refining Distribution Sales Channels General Services

Typically cash negative due to Typically high

Initial high cashoutflows at build up phase Typically high cashinflow (positive) working capital
inventory(potentially neutral due
to trading)

Sub-contractor
Payables

Payment cycles/ Turn around contractor Matching of logistics Services contract

Areas of working capital opportunities

Payment terms with OFS contractor/MRO agreements

payment runs to service payment terms, trading services provided & management &
OFS drilling contractors terms & payment runs Payment cycles and
providers & energy payments invoiced for logistics approvals
visibility
Receivables

Activity recording
Contract management, Potentially clearing
Back margin through Trading receivables and Franchise Customer Franchise Customer and WIP management
milestone payments of intercompany
logistics volumes netting Terms & Collections Terms & Collections Timely & accurate
andbillings receivables
billing
Inventory

Material requirements Maintenance & Replenishment cycles Target stock definition Network optimisation & Various demand Spare parts
for buildup continuous production for tankers with min. production replenishment cycles patterns per channel management

20 PwC Bridging the gap

 Executive Exploration Oil field How can we
Foreword summary and production services support you? Appendices Contacts
21
2015 Working Capital Survey in the Oil & Gas sector
Our team has helped deliver significant working capital
benefits around the world

We have helped to deliver over

Typical project results Range of improvement

Receivables Reductions 20% 40%

26bn
of Working Capital
Payables Improvements 20% 80%

benets Inventory Reductions 15% 50%

Net Working Capital Improvements 30% 70%

Quick wins as % of total opportunity 5% 15%

Working Capital as % of sales 5% 10%

We deliver substantial benets,

typically between
Challenges in working capital optimisation:

5-10%
of revenue Perception: Cross functional:

1 2
Working Capital is an operational Sustainable improvements are
issue, but is often perceived to sit complex, requiring an operational
with finance and cross functional approach

Complexity: Driven by people:

We deliver
Improvements require
structural changes for many 3 4 Needs handson approach
on the shop floor to change
results fast, interrelatedprocesses operationalbehaviour
typically 5 -15% of
improvements
are quick wins

22 PwC Bridging the gap

 Executive Exploration Oil field How can we
Foreword summary and production services support you? Appendices Contacts
23
2015 Working Capital Survey in the Oil & Gas sector
Appendices

24 PwC Bridging the gap

Basis of calculations and limitations
Basis of calculations
This study provides a view of global working capital performance in the global Oil and Gas sector
and is based on the research of 991 companies in the world. For consistency reasons and to be able
to add the individual ratios together we have calculated DSO, DPO and DIO based on sales.
Metric
NWC % (Net working capital %)
DSO (Days Sales Outstanding)
DIO (Days Inventories Onhand)
DPO (Days Payables Outstanding)
CCE (Cash Conversion Efficiency)
NWC % measures working capital
requirements relative to the size of
thecompany.
DSO is a measure of the average number of
days that a company takes to collect cash
after the sale of goods or services have
beendelivered.
DIO gives an idea of how long it takes for a
company to convert its inventory into sales.
Generally, the lower (shorter) the DIO,
thebetter.
DPO is an indicator of how long a company
takes to pay its tradecreditors.
CCE is an indicator of how efficiently a
company is able to convert profits into cash.
Basis of calculation
(Accounts Receivable + Inventories
Accounts Payable)/Sales
Accounts Receivable/Sales x 365
Inventories/sales of revenue x365
Inventories/sales of revenue x365
Cash Flow from Operations/EBITDA
Foreword
summary
Executive
Limitations of this study
Companies have been assigned to
and production
countries based on the location of their
Exploration
headquarters. Although a significant
part of sales and purchases might be
realised in that country, it does not
necessarily reflect typical payment
terms or behaviour in that country.
Oil field
services
As the research is based on publicly
available information, all figures
are financial yearend figures. Due
to disproportionate management
efforts to improve working capital
support you?
How can we
performance towards yearend (also
referred to as window dressing)
the real underlying working capital
requirement within reporting periods
might be higher. Also offbalancesheet
financing or the effects of asset
Appendices
securitisation (e.g. receivables) have
not been taken into account.
Contacts
2015 Working Capital Survey in the Oil & Gas sector 25
Summary data
Subgroup Primary industry Africa Americas Asia Australasia Europe Middle East USA, Canada Total
Companies in the study Integrated Integrated Oil and Gas 3 8 13 1 26 NIL 9 60
by primary industry Upstream Oil and Gas Drilling Nil 9 5 3 12 2 18 49
group and Oil and Gas Exploration and Production 2 10 16 13 65 5 142 253
macro-region Midstream Oil and Gas Storage and Transportation 2 20 21 18 64 2 101 228
Downstream Oil and Gas Refining and Marketing 11 23 41 4 71 13 53 216
Services Oil and Gas Equipment and Services 2 18 37 4 56 3 65 185
Total 20 88 133 43 294 25 388 991

Subgroup Primary Industry Africa Americas Asia Australasia Europe Middle East USA, Canada Total
NWC as a % of sales Integrated Integrated Oil and Gas 17% 3% 4% 2% 6% N/A 3% 5%
by primary industry Upstream Oil and Gas Drilling N/A 16% 24% 21% 19% 28% 13% 18%
group and Oil and Gas Exploration and Production 6% 10% 4% 1% 8% 7% 1% 3%
macro-region Midstream Oil and Gas Storage and Transportation 34% 5% 4% 7% 7% 7% 4% 5%
Downstream Oil and Gas Refining and Marketing 1% 3% 7% 6% 3% 7% 3% 5%
Services Oil and Gas Equipment and Services 39% 24% 32% 14% 24% 32% 28% 26%
Total 9% 6% 5% 6% 7% 8% 5% 6%

Subgroup Primary Industry Africa Americas Asia Australasia Europe Middle East USA, Canada Total
DSO by primary Integrated Integrated Oil and Gas 46 21 18 57 30 N/A 25 25
industry group and Upstream Oil and Gas Drilling N/A 74 102 89 77 117 71 78
macro-region Oil and Gas Exploration and Production 36 68 32 21 36 51 45 42
Midstream Oil and Gas Storage and Transportation 32 23 28 28 26 37 29 28
Downstream Oil and Gas Refining and Marketing 32 22 22 12 27 34 16 21
Services Oil and Gas Equipment and Services 182 122 115 71 93 104 79 89
Total 42 35 22 33 35 36 30 30

Subgroup Primary Industry Africa Americas Asia Australasia Europe Middle East USA, Canada Total
DPO by primary Integrated Integrated Oil and Gas 30 32 32 55 29 N/A 31 31
industry group and Upstream Oil and Gas Drilling N/A 25 31 15 28 37 31 28
macro-region Oil and Gas Exploration and Production 44 69 45 34 21 27 55 49
Midstream Oil and Gas Storage and Transportation 173 15 23 8 18 32 22 20
Downstream Oil and Gas Refining and Marketing 58 35 24 11 33 25 19 24
Services Oil and Gas Equipment and Services 67 70 63 20 45 25 30 40
Total 46 39 32 23 29 25 28 31

26 PwC Bridging the gap

 Foreword
Subgroup Primary Industry Africa Americas Asia Australasia Europe Middle East USA, Canada Total

summary
Executive
DIO by primary industry Integrated Integrated Oil and Gas 46 24 28 7 22 N/A 16 23
group and Upstream Oil and Gas Drilling N/A 10 18 5 21 21 9 14
macro-region Oil and Gas Exploration and Production 29 38 30 17 14 0 7 19
Midstream Oil and Gas Storage and Transportation 16 10 8 5 17 19 8 10
Downstream Oil and Gas Refining and Marketing 29 25 28 20 18 18 16 20
Services Oil and Gas Equipment and Services 27 36 64 1 39 36 52 45

and production
Exploration
Total 37 26 28 12 22 18 15 22

USA, Sector
Sub-group Primary industry Africa Americas Asia Ausralasia Europe Middle East
Canada total

Integrated Integrated Oil and Gas 634 10,033 36,665 218 72,391 N/A 14,422 134,362

Oil field
services
Upstream Oil and Gas Drilling N/A 1,675 870 249 1,859 210 1,615 6,478

Oil and Gas Exploration andProduction 129 2,284 5,590 1,273 22,030 190 22,544 54,039

support you?
How can we
Midstream Oil and Gas Storage andTransportation 149 10,811 11,780 416 4,719 96 7,517 35,488

Downstream Oil and Gas Refining andMarketing 313 3,175 25,993 1,207 9,474 5,923 17,426 88,297

Services Oil and Gas Equipment andServices N/A 1,635 840 840 20,157 1 20,661 44,135

Appendices
Country total 1,225 29,613 81,737 4,202 130,629 6,420 84,185 338,011

Total cash opportunity from working capital High opporunity Low opportunity

Contacts
2015 Working Capital Survey in the Oil & Gas sector 27
Contacts Oil & Gas Working
Dedicated Working Capital Partners Capital Specialists
For more information about this subject please contact:

Robert Smid Daniel Windaus Simon Boehme

Robert Smid Daniel Windaus Simon Boehme

UK Partner, Working Capital Practice Leader
T: +44 20 7804 3598
E: robert.smid@uk.pwc.com
Robert leads our working capital practice and
brings over twenty years of working capital
advisory experience. He has made an instrumental
difference to the free cash flow and balance sheet
structure of many companies.
UK Partner
T: +44 20 7804 5012
E: daniel.windaus@uk.pwc.com
Daniel is a partner in our working capital practice,
with over sixteen years of working capital
experience. He has advised company management
and private equity investors on improving cash flow
throughout Europe and North America.
UK Director
T: +44 20 7212 6927
E: simon.t.boehme@uk.pwc.com
Simon is a director in our working capital practice. He has
over 10 years of experience advising companies on working
capital management across Europe, North America, Asia
and the Middle East.

Glen Babcock Rob Kortman Nick Eichorn

Glen Babcock Rob Kortman Nick Eichorn

UK Partner Germany & Austria Partner UK Manager
T: +44 20 7804 5856 T: +49 1709 879253 T: +44 7525 926387
E: glen.babcock@uk.pwc.com E: rob.kortman@de.pwc.com E: Nick.Eichorn@uk.pwc.com

Glen is a partner in our working capital practice,
leading our work across the regions of the UK.
Hehas worked with companies across the UK,
Europe and internationally about cash flow
improvement and cost reduction.
28 PwC Bridging the gap
Rob is a partner in our European working capital
practice. He has over seventeen years of extensive
experience of delivering working capital management
programmes to generate cash for large, corporate
clients across Europe, Asia and the Americas.
Nick is a manager in our working capital practice and has
over eight years experience in delivering working capital
and cost reduction benefits to international businesses in
a wide range of industries (mining services, construction,
manufacturing and transportation). He has assisted
management and lenders to identify and implement cash
improvement and operational efficiency projects in Europe
and Australia.
Working Capital Management Global Network

Foreword
Australia Austria CEE Denmark
David Pratt Christine Catasta Petr Smutny Bent Jorgensen

summary
Executive
T: +612 8266 2776 T: +43 1 501 88 1100 T: +42 25 115 1215 T: +45 3945 9259
E: david.pratt@au.pwc.com E: christine.catasta@at.pwc.com E: petr.smutny@cz.pwc.com E: bent.jorgensen@dk.pwc.com

Finland France Germany & Austria Hong Kong

and production
Michael Hardy Francois Guilbaud Rob Kortman Ted Osborn

Exploration
T: +358 50 346 8530 T: +33 156 578 537 T: +49 1709 879253 T: +852 2289 2299
E: michael.hardy@fi.pwc.com E: francois.guilbaud@fr.pwc.com E: rob.kortman@de.pwc.com E: t.osborn@hk.pwc.com

Italy Malaysia Middle East Norway

Riccardo Bua Odetti Ganesh Gunaratnam Mihir Bhatt Jrn Juliussen

Oil field
services
T: +39 026 672 0536 T: +603 2173 0888 T: +971 4304 3641 T: +47 95 26 00 60
E: riccardo.bua.odetti@it.pwc.com E: ganesh.gunaratnam@my.pwc.com E: mihir.bhatt@ae.pwc.com E: jorn.juliussen@no.pwc.com

Singapore Spain Sweden Switzerland

support you?
How can we
Peter Greaves Josu Echeverria Jesper Lindbom Reto Brunner
T: +65 6236 3388 T: +34 91 598 4866 T: +46 70 9291154 T: +41 58 792 1419
E: peter.greaves@sg.pwc.com E: josu.echeverria.larranga@es.pwc.com E: jesper.lindbom@se.pwc.com E: reto.brunner@ch.pwc.com

The Netherlands & Belgium Turkey USA

Appendices
Danny Siemes Gokdeniz Gur Paul Gaynor
T: +31 88 792 42 64 T: +90 212 376 5332 T: +1 925 699 5698
E: danny.siemes@nl.pwc.com E: gokdeniz.gur@tr.pwc.com E: paul.m.gaynor@us.pwc.com

Contacts
2015 Working Capital Survey in the Oil & Gas sector 29
Notes
 www.pwc.com/workingcapitalsurvey

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Design Services 29192 (10/15).