While oil prices continue to fluctuate, oil companies must prepare and adjust during this time of uncertainty.

"Most companies have a significant ways to go in making structural cost improvements," says Dennis Ulak. He says that the companies that make the appropriate adjustments will likely be the leaders when the cycle finally returns to the growth phase.

In the May 2016 issue of Turnarounds & Workouts, Ulak shares expertise on how oil companies are staying ahead of the game.