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)
Analysts said the 7.4 million-barrel drawdown in crude stocks in the week to June 11 to 466.7 million barrels, the fourth consecutive weekly decline, augurs for improved demand in coming weeks.
On the East Coast, U.S. crude oil stockpiles fell to the lowest level since October 2014, the EIA said.
Crude oil stocks at the Cushing, Okla., delivery hub for U.S. crude futures rose 330,000 barrels, the Energy Information Administration said in its weekly report.