11:20 am - 11:50 am (CST)/ 02/mar/2021 05:20 pm - 02/mar/2021 05:50 pm
Despite the impression one gets from reading the news, upstream is not dead. It is the cash cow for most oil and gas companies, and that cash is paying for portfolio rebalancing toward renewables. Still, the upstream business is changing radically. Upstream and the oil and gas business is continuing its evolutionary path, one where the overall industry is shrinking. Key signposts include historical lows in spending and exploration drilling, service companies fighting for survival, and rampant consolidation. Recent drivers include investor sentiment around rates of return and the carbon footprint, and increased competition for market share while demand decreases globally. But this evolutionary process started several decades ago with independents divesting downstream assets first, followed by massive portfolio reductions as companies sought to better weather commodity cycles. This panel will feature three views on what the future of upstream means for companies with different geographies and strategies. What are common and divergent themes? What will it take to be competitive in the future? How can companies plan for big, unforeseen market upheavals like COVID-19, the oil market price war, and the 2007–09 financial crisis?