American Oil and Gas Reporter - February 2021 - 80

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Evercore Sees More 2021 Investment
NEW YORK-After bidding 2020 a
less than fond adieu in opening its 2021
Global Exploration and Production Spending Outlook, Evercore ISI predicts that
crude oil appears to have established a
bottom with a better outlook for 2021
predicated on a rollback of OPEC+ production growth plans, the rollout of
COVID-19 vaccines, and ultimately a
resurgence in global demand. The oil
price and cash flow are more important
than ever, and despite rising COVID-19
cases and a delay in new fiscal stimulus,
oil had cleared some notable price hurdles
during budget season.
For the first time since 2018, exploration,
drilling and production spending is poised
to increase both in North America and internationally, with almost all geographic
regions anticipating growth, the report
notes. Moreover, it suggests, even if " green "
energy investments are popular as ever,
hydrocarbons remain highly necessary.
" We are less concerned about the
competition for upstream dollars from
renewable energy as it won't be the first
time this is happening, " the report assesses. " Europe has been investing in

renewables for a while, and in the United
States, the Obama administration disseminated $90 billion in clean energy
stimulus spending under the 2009 Recovery Act. The creation of the Advanced
Projects Agency-Energy helped translate
science into breakthrough technologies
and despite President Trump's best efforts,
the program doled out billions to hundreds
of projects in recent years, including
those targeting carbon capture and hydrogen. We believe traditional oil and
gas companies will be fundamental in
the success of the energy transition and
are encouraged by a confluence of events
that are driving digitalization of the oil
field and the energy transition. "
Even so, Evercore observes, the oil
and gas industry is undoubtedly smaller
than it was only a few years ago. The
firm describes its spending outlook as
the culmination of continuous data collection from a variety of sources and
notes that, during late 2020, it conferred
with or analyzed financial and strategic
documents for approximately 250 oil and
gas companies to assess the industry's
outlook. That figure, it notes, is smaller

than in past years, as many producers
and private companies have consolidated
or folded during the downturn.
" The impact of this cannot be overlooked, as it portends to a smaller USL
market in particular, but ultimately should
be good for the health of the industry, "
Evercore suggests. " Combined with the
exploration and production budgets of
all meaningful spenders worldwide, the
oil and gas sector is making progress in
terms of emerging from an otherwise
historic downturn. "
Key Conclusions
Evercore's 2021 spending outlook highlights several takeaways, including a prediction that global exploration, drilling and
production spending will increase 6.8%
year over year in 2021, partly recovering
from 2020's 25.3% year-over-year collapse.
The first coordinated global upturn since
2018 will be led by a stronger rebound in
select International regions while North
America trails slightly, the firm says.
In North America, the report predicts,
2021 upstream investment will climb
5.1% above the previous year's level,

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American Oil and Gas Reporter - February 2021

Table of Contents for the Digital Edition of American Oil and Gas Reporter - February 2021

Contents
American Oil and Gas Reporter - February 2021 - 1
American Oil and Gas Reporter - February 2021 - Cover1
American Oil and Gas Reporter - February 2021 - Cover2
American Oil and Gas Reporter - February 2021 - Contents
American Oil and Gas Reporter - February 2021 - 4
American Oil and Gas Reporter - February 2021 - 5
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American Oil and Gas Reporter - February 2021 - Cover3
American Oil and Gas Reporter - February 2021 - Cover4
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