Following a historic quarter for the oil and gas industry marked by an unprecedented price crash, Bryan Benoit, a principal at Grant Thornton Financial Advisors, is starting to see signs of a recovery ahead.
“From my perspective, the outlook is very good,” Benoit said. “Especially, as we get into the second- and third-quarter of 2021. Of course, the recovery and path forward for oil and gas just gets better from there. Most interestingly, I’ve witnessed firsthand that this has started to be reflected in my client’s forecast.”
In this interview with Hart Energy’s Jessica Morales, Benoit, who also leads Grant Thornton’s energy advisory practice in addition to serving as national managing partner for the firm’s corporate value consulting practice in the U.S., discusses second-quarter earnings, bankruptcy filings, M&A outlook plus gives his take on what Chevron Corp.’s multibillion-dollar acquisition of Noble Energy Inc. could mean for the industry.
Jump to a topic:
- Second-quarter earnings (0:19)
- Bankruptcy filings (1:45)
- M&A bounce back (3:21)
- Chevron’s takeout of Noble Energy (4:21)
- Bank redetermination process (5:55)
- Downturn’s effect on energy transition (7:16)
- Industry’s path forward (8:06)
U.S. energy firms cut the number of oil and gas rigs over the past week to a record low for a 14th week even as higher oil prices prompt some producers to start drilling again.
The move comes as the November presidential election looms and the Trump administration aims to complete several more deregulatory actions on the spring Unifed Agenda, a list of its policy priorities.
The U.S. oil and gas rig count fell by four to an all-time low of 247 in the week to Aug. 7, according to data from energy services firm Baker Hughes Co.