Doug Swanson, managing partner at EnCap Investments LP, is prepared for a protracted downturn--as long as 24 months and possibly beyond. Companies should be prepared too, he said, by not having a high-leveraged portfolio, tightly managing drilling programs and focusing on areas other than the drillbit. Acquisitions could be a good area of focus, he said. In a downturn, companies can hang on to assets longer, which can be beneficial. This downturn, he said, feels different than the one in 2008 because supply issues surround it, but like 2008, it occurred steeply and quickly.