In these uncertain times, energy companies are getting creative in order to stay profitable and competitive, according to a recent survey by KPMG Global Energy Institute.

Related: Company Experiments to Increase Efficiency

The firm found that 56% of the 200 senior executives polled plan to change their business model over the next two years to deal with the fluctuations and uncertainty.

The executives indicated that they will focus on managing costs through by:

1. Better management of staffing or outsourcing
2. Improved planning and budgeting management tools
3. Changing service delivery models
4. Optimizing costs related to inventory and repairs

Tightening the belt doesn't necessarily mean more layoffs, however. Over the next two years, the majority of the oil and gas executives (76%) expect to see their organizations’ ranks to  increase or stay the same over the next two years.

Read more at kpmg.com