Lathrop GPM Oil & Gas Market Update
Lathrop GPM’s 2022 Oil & Gas Market Update shows how skyrocketing short-term energy demand, the shift to long-term sustainability and a potential economic downturn are affecting the oil and gas industry. The annual report includes an analysis of 2022’s key events and provides insight into industry expectations for the year ahead. As part of that effort, Lathrop GPM conducted its first-ever survey of 100 U.S.-based O&G executives and incorporated a 2023 outlook section into the report based on the results.
Here are some important takeaways from the 2022 report.
- American oil and gas companies slashed debts, expanded domestic energy production and made large investments in low-carbon technologies in 2022.
- Federal tax credits and subsidies helped bolster a wide array of emission reduction projects across the industry.
- Sector is prioritizing digitization, renewable energy and the adoption of methane and carbon capture projects as part of its diversification strategy for 2023.
Read the full report linked here.
Lathrop GPM’s 2021 Oil & Gas Market Update details how the sector was impacted by COVID-19 in 2021, as well as shifting federal regulatory priorities and new state-level regulations. Overall, opportunities for oil and gas expanded throughout the year and prospects are promising for 2022. Here are some of the most important takeaways from our analysis:
- Demand recovery continued and major producers began to report profits in the second half of the year.
- The credit crunch –– which effected a decline in lending activity by US financial institutions –– subsided.
- The International Energy Agency projects global oil demand to grow by 3.3 MBOE per day in 2022 –– a rate much improved from that of 2020.
- A travel industry rebound spurred improved performance on the S&P 500 index.
- The recent passage of the Infrastructure Investment and Jobs Act is expected to be a big win for the industry given its calls for increased roadbuilding, and consequently, asphalt.
For an in-depth analysis of recent oil and gas milestones that defined 2021 download our full-year report here. It also details new strategies oil and gas companies are adopting to meet developing cultural, legislative, and environmental challenges.
Contact your Lathrop GPM Energy attorney with any questions on energy-related matters on the horizon.