Three price crashes in 12 years left the oil and gas industry — even the supermajors — running lean.

While industry rebounded from the first two and carried on, the foundation that remained was shaky. And the shock of the third price crash, when paired with the global pandemic that decimated oil demand, was enough to bring the house of cards down.

In April, global oil demand fell by 25%, and US oil and gas companies in the months that followed laid off more than 14% of their permanent employees, according to a report by consulting firm Deloitte.