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FEATURE: Q4 US oil earnings likely to focus on recovery, Biden transition Fourth-quarter 2020 earnings calls for US oil upstream, midstream and downstream operators will likely reflect two unique broad themes besides the usual full-year capital spending and business outlooks: plans around policy changes expected from a new US presidential administration, and the pace and extent of recovery from the pandemic. With oil prices holding above $50/b, thanks in part to an unexpected 1 million b/d production cut set for February and March by Saudi Arabia, 2021 could be a transition year for the industry. 2020 was dominated by the pandemic, with companies focused on survival, cutting spending and limiting growth, but the year’s final quarter was somewhat upbeat. A vaccine for the virus was unveiled late in the year, and drilling ticked up and oil consumption rose, all while US shale and OPEC+ production decreased.

Saudi arabiaUnited statesChris midgleyJoe bidenEthan bellamyNitin kumarMorgan stanleyUs supreme courtGoldman sachsUs environmental protection agencyWells fargoEast daley capitalPresident elect joe bidenGlobal upstream spending outlookNorth americanInauguration day