NEW YORK—Many of the presenting companies at IPAA's 22nd OGIS New York event are echoing similar themes: Times are bad and likely to get worse in the short-term. While declining rig counts and dropping levels of U.S. production lead some to speculate that the supply overhang is beginning to shrink, company CEOs and executives are not yet ready to celebrate.

The hoped-for improvement in crude and natural gas prices remains a far-off end, despite the welcome breaching of the $40 per barrel ceiling today. In the meantime, companies are deeply involved in defensive financial actions such as issuing equity, exchanging debt, selling assets, adding hedges and cutting capex budgets. Shoring up balance sheets and ensuring liquidity are the immediate concerns of many industry leaders.

Conversations at OGIS revolved around how firms are best positioning themselves to weather the continuing downturn, which most expect to last at least through this year. Bank price decks have come down quite a bit, and redetermination season is here.

EV Energy Partners LP (NASDAQ: EVEP) saw a borrowing base reduction from $625 million to $450 million. It has reduced distributions, reduced its E&P capex budget, repurchased senior notes and cut the base pay of its management team, among other efforts, said Nick Bobrowski, vice president and CFO. "We are focused on managing and enhancing our core business."

For long-time shale player Southwestern Energy Co. (NYSE: SWN), this is the time to drive through challenges. "We enjoy a strong liquidity position, and we're attacking this head-on," said CEO Bill Way. "We are proactively managing our debt maturities."

The company will continue to adjust capex in line with cash flow, and will resume investment in its assets in northeast and southwest Appalachia and in the Fayetteville shale when gas prices improve.

Many operators are intent on improving well performance for every dollar put in the ground. In 2016, Cimarex Energy Co. (NYSE: XEC) will invest $400 million to $460 million in drilling and completion capital, said Tom Jordan, chairman and CEO.

The company works two main areas—the Delaware Basin and Midcontinent. "We are constantly pushing innovation. We are biased toward pressured reservoirs and long horizontal wells."

Given the company's diverse assets, emphasis on improved productivity, and focus on retaining its attractive position, it is well positioned for 2016 and beyond. "Like most of the industry, we are in preservation mode."

Certainly, there are glimmers of hope. A firm that plans to grow production in 2016 is Synergy Resources Corp. (NYSE: SYRG). It has a capex budget of $130 million to $150 million this year, said CEO Lynn Peterson.

The firm just closed a $150 million financing April 11, solely for opportunities. It plans to average one rig this year on its Wattenberg acreage. "Our balance sheet and cash flow supports a discretionary operated drilling program," he said.

Gulfport Energy Corp. (NASDAQ: GPOR) also plans to grow production in 2016, said Mike Moore, CEO and president. "We'll run 2.5 rigs this year, down from four last year and eight the year before that."

Thanks to its very strong results in its dry gas Utica wells, even with that reduced level of activity, Gulfport should exit the year with an 18% improvement over its 2015 year-end rate. And the future looks brighter still: "It's unlikely that anything that happens now will change our 2016 plans, but we are more constructive about 2017 and so are our investors."

Peggy Williams can be reached at pwilliams@hartenergy.com