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)
Traditional onshore storage is close to capacity.
Crude oil inventories fell by 9.4 million barrels in week to Aug. 28 to 498.4 million barrels, according to EIA data, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel drop.
Crude inventories rose by 2 million barrels in the week to Sept. 4 to 500.4 million barrels, according to an EIA report, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.