Current events have me thinking about leadership, one of those so-called soft subjects that in fact greatly influences hard outcomes. I’m thinking about it in different contexts, from what kind of person should occupy the Oval Office or run things from the oil patch’s corner offices, to the oil ministry in Riyadh.

During this election season, Americans are zeroing in on leadership, perhaps more so than on policy issues. Who has the skills and temperament to foster a healthier society and a better economy? And most importantly, who has the strategic vision to lead the nation forward in a safe manner?

As for Saudi Arabian leadership, oil policy and a new oil minister are directed by Deputy Crown Prince Mohammed bin Salman, also known as MBS. He may be second in line to the Saudi throne and only 30, but he is proving so far to be an energetic and bold leader who is not afraid to shake things up. He is calling the shots on economic policy and domestic reforms, laying out a broad set of goals with his recently announced Vision 2030. (Has any U.S. politician laid out a Vison 2030 for America?)

It is discouraging to see our voter polls and pundits alike saying neither presidential candidate has the necessary leadership qualities we require and hunger for. You mean to say that out of 320 million citizens in this country—or, say, 200 million adults—we cannot find two strong and creative, decent and thoughtful presidential candidates?

At the same time, this got me thinking about leadership in the corner office. With so many oil and gas companies in dire financial straits, if not bankruptcy, it brings up the question of executive leadership and the decisions that may have contributed to too much leverage throughout the industry.

Some of the CEOs who have had to file are respected people who were recognized by their peers, analysts and the media for innovation and leadership, not to mention fast growth of company assets. Some of these companies have appeared more than once on the annual Fortune’s Best Places to Work list.

We like the philosophy of EOG Resources Inc. CEO Bill Thomas, whom we wrote about earlier this year after he spoke at NAPE. He said executive compensation at EOG is based on achieving a certain return, as opposed to creating growth, as the main criteria. This is a value everyone should get behind. U.S. oil production expansion during the sweeping shale buildout was achieved at almost any price, and now as we delve deeper into it, we see that behind the scenes, many companies stretched too far and drilled wells that were not economic.

There is smart growth and ill-advised growth. For example, most analysts praised the news that Range Resources Corp. will buy Memorial Resource Development Corp. for $4.4 billion in stock. The deal expands Range’s natural gas production and increases cash flow, yet at the same time, even though Range is assuming some long-term debt, its net debt to EBITDA ratio is reduced. Importantly, the transaction diversifies the company away from depending solely on its Appalachian assets and gets it into a region of high-return, stacked gas pays closer to markets—the northern Louis­iana Terryville/Cotton Valley area. (For more, see our article on Terryville in the December 2015 issue.)

This is an example of the kind of leadership industry needs. It’s accretive and “significantly improves the company’s leverage outlook (4.8x to 3.5x pro forma year-end 2016), while allowing the company to enter a premier natural gas asset base … ,” said Raymond James.

Too often headline-making mergers like this one leave buyers in heavy debt. Yes, they count on commodity prices and hedges to make it all work, and no one knew how drastically oil and gas prices would collapse.

We are thinking of Linn Energy LLC, which spent close to $17 billion on acquisitions over a decade; Breitburn Energy Partners LP, which acquired QR Energy LP for $3 billion late in 2014; and Energy XXI Ltd., which paid $2.3 billion for EPL Oil & Gas Inc., also in 2014—before oil prices crashed. Now, all three buyers are restructuring in bankruptcy court.

It’s always darkest before the dawn, so the upturn may be dawning soon. I’ll leave you with this news of green shoots starting to appear. RBC Capital Markets services analyst Kurt Hallead said recently, “We are seeing increased investor interest and improving sentiment. This is despite a continued decline in near-term fundamentals. … Investors are increasingly willing to look past weak fundamentals through second-half 2016, and are instead risking a scenario where oilfield service demand improves through 2017 and beyond on the back of sustained greater than $50/bbl WTI.”