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Deloitte Names Amy Chronis Leader of the US Oil, Gas and Chemicals Sector
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Business Trends: Are chemical companies ready for the future of work?
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By Justin Mikulka, a freelance writer, audio and video producer living in Trumansburg, NY. Originally published at DeSmog Blog
After over a decade of the much-hyped U.S. fracking miracle, the U.S. oil and gas industry is having to deal with years of losses and falling asset values which has dealt the industry a serious financial blow. This is despite the fracking revolution delivering record oil and gas production for the past decade, peaking in 2019.
While the pandemic has hurt the industry, companies have also benefited from excessive bailouts from pandemic relief programs but these bailouts are a stop gap financial band-aid for the struggling industry.
U.S. Executives Identify Natural Gas as Essential to Energy Transition
Natural gas remains essential to the global energy transition, according to most U.S. executives, but many see a reduced or evolving role as renewables gain and the energy transition accelerates.
That’s according to Deloitte, which recently issued its 2021 industry outlook after surveying a broad array of U.S. executives. Following the presidential election, the consultancy in November queried more than 350 executives in the energy, resources and industrials industries to get their take on the opportunities and the challenges for 2021.
Views were a bit murky because 2020 was a year like no other, and 2021 remains a bit of a mystery. Covid-19 has impacted all corners of the globe as consumption was decimated. Consumption is forecast to accelerate in 2021, but executives remained unsure about the pace.
Oil and gas industry math has been reset
Dec. 28, 2020
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Deloitte’s Oil and Gas Industry Outlook 2021 finds oil supplies uncertain beginning in 2025 because of a decline in exploration spending, meaning storage tanks could be emptier five years from now.Plains All American Pipeline
Energy companies can expect an uncertain path in 2021 as the COVID-19 pandemic has altered expectations for the near future.
Deloitte LLP recently released its Oil and Gas Industry Outlook for 2021, and topping the outlook was discussion of an oil supply crunch. Duane Dickson, vice chairman and U.S. oil, gas and chemicals leader at Deloitte discussed the findings via email with the Reporter-Telegram.
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