Oil and gas and the energy industry could benefit from a page out of Walmart’s playbook. For decades, Walmart chugged along like a powerful locomotive gaining elevation on a steep climb. Relying on, and building upon, their core practices in supply chain and with a reputation as ruthless negotiators, it seemed that the summit was yet to be reached.

While the energy industry has experienced more peaks and troughs over those same decades, the past several years have been a steady trajectory. New businesses and infrastructure were created across North America in response to shale gas supplies and a hearty price per barrel.

In 2015, Walmart was the worst performing stock on the Dow. Down thirty percent, they have recouped some of those losses in 2016 through innovation and change. Walmart had not changed their proven practices for many years. Why mess with success? Because the determinants of success are never static. Because consumers’ choices change. Because the mightiest economies stumble.

To emulate a phoenix rising from the ashes, the best players in the energy industry will reach deep into their organizations and out to their peers and colleagues in other industries to mine for ideas and opportunities that will change the game forever. Because the fundamentals of the industry and the global influences have fundamentally changed.

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