American Oil and Gas Reporter - February 2021 - 80

pages 80-81_Layout 1 2/15/2021 2:28 PM Page 1

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,

What you're reading is more than just copy. It's also copyrighted. So before you head over to
the photocopier, make sure you have permission. Contact the publisher or visit www.copyright.com.

80 THE AMERICAN OIL & GAS REPORTER


http://www.copyright.com

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 - Intro
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
American Oil and Gas Reporter - February 2021 - 6
American Oil and Gas Reporter - February 2021 - 7
American Oil and Gas Reporter - February 2021 - 8
American Oil and Gas Reporter - February 2021 - 9
American Oil and Gas Reporter - February 2021 - 10
American Oil and Gas Reporter - February 2021 - 11
American Oil and Gas Reporter - February 2021 - 12
American Oil and Gas Reporter - February 2021 - 13
American Oil and Gas Reporter - February 2021 - 14
American Oil and Gas Reporter - February 2021 - 15
American Oil and Gas Reporter - February 2021 - 16
American Oil and Gas Reporter - February 2021 - 17
American Oil and Gas Reporter - February 2021 - 18
American Oil and Gas Reporter - February 2021 - 19
American Oil and Gas Reporter - February 2021 - 20
American Oil and Gas Reporter - February 2021 - 21
American Oil and Gas Reporter - February 2021 - 22
American Oil and Gas Reporter - February 2021 - 23
American Oil and Gas Reporter - February 2021 - 24
American Oil and Gas Reporter - February 2021 - 25
American Oil and Gas Reporter - February 2021 - 26
American Oil and Gas Reporter - February 2021 - 27
American Oil and Gas Reporter - February 2021 - 28
American Oil and Gas Reporter - February 2021 - 29
American Oil and Gas Reporter - February 2021 - 30
American Oil and Gas Reporter - February 2021 - 31
American Oil and Gas Reporter - February 2021 - 32
American Oil and Gas Reporter - February 2021 - 33
American Oil and Gas Reporter - February 2021 - 34
American Oil and Gas Reporter - February 2021 - 35
American Oil and Gas Reporter - February 2021 - 36
American Oil and Gas Reporter - February 2021 - 37
American Oil and Gas Reporter - February 2021 - 38
American Oil and Gas Reporter - February 2021 - 39
American Oil and Gas Reporter - February 2021 - 40
American Oil and Gas Reporter - February 2021 - 41
American Oil and Gas Reporter - February 2021 - 42
American Oil and Gas Reporter - February 2021 - 43
American Oil and Gas Reporter - February 2021 - 44
American Oil and Gas Reporter - February 2021 - 45
American Oil and Gas Reporter - February 2021 - 46
American Oil and Gas Reporter - February 2021 - 47
American Oil and Gas Reporter - February 2021 - 48
American Oil and Gas Reporter - February 2021 - 49
American Oil and Gas Reporter - February 2021 - 50
American Oil and Gas Reporter - February 2021 - 51
American Oil and Gas Reporter - February 2021 - 52
American Oil and Gas Reporter - February 2021 - 53
American Oil and Gas Reporter - February 2021 - 54
American Oil and Gas Reporter - February 2021 - 55
American Oil and Gas Reporter - February 2021 - 56
American Oil and Gas Reporter - February 2021 - 57
American Oil and Gas Reporter - February 2021 - 58
American Oil and Gas Reporter - February 2021 - 59
American Oil and Gas Reporter - February 2021 - 60
American Oil and Gas Reporter - February 2021 - 61
American Oil and Gas Reporter - February 2021 - 62
American Oil and Gas Reporter - February 2021 - 63
American Oil and Gas Reporter - February 2021 - 64
American Oil and Gas Reporter - February 2021 - 65
American Oil and Gas Reporter - February 2021 - 66
American Oil and Gas Reporter - February 2021 - 67
American Oil and Gas Reporter - February 2021 - 68
American Oil and Gas Reporter - February 2021 - 69
American Oil and Gas Reporter - February 2021 - 70
American Oil and Gas Reporter - February 2021 - 71
American Oil and Gas Reporter - February 2021 - 72
American Oil and Gas Reporter - February 2021 - 73
American Oil and Gas Reporter - February 2021 - 74
American Oil and Gas Reporter - February 2021 - 75
American Oil and Gas Reporter - February 2021 - 76
American Oil and Gas Reporter - February 2021 - 77
American Oil and Gas Reporter - February 2021 - 78
American Oil and Gas Reporter - February 2021 - 79
American Oil and Gas Reporter - February 2021 - 80
American Oil and Gas Reporter - February 2021 - 81
American Oil and Gas Reporter - February 2021 - 82
American Oil and Gas Reporter - February 2021 - 83
American Oil and Gas Reporter - February 2021 - 84
American Oil and Gas Reporter - February 2021 - 85
American Oil and Gas Reporter - February 2021 - 86
American Oil and Gas Reporter - February 2021 - 87
American Oil and Gas Reporter - February 2021 - 88
American Oil and Gas Reporter - February 2021 - 89
American Oil and Gas Reporter - February 2021 - 90
American Oil and Gas Reporter - February 2021 - Cover3
American Oil and Gas Reporter - February 2021 - Cover4
https://www.nxtbook.com/nxtbooks/aogr/202411
https://www.nxtbook.com/nxtbooks/aogr/202410
https://www.nxtbook.com/nxtbooks/aogr/202409
https://www.nxtbook.com/nxtbooks/aogr/202408
https://www.nxtbook.com/nxtbooks/aogr/202407
https://www.nxtbook.com/nxtbooks/aogr/202406
https://www.nxtbook.com/nxtbooks/aogr/202405
https://www.nxtbook.com/nxtbooks/aogr/202404
https://www.nxtbook.com/nxtbooks/aogr/202403
https://www.nxtbook.com/nxtbooks/aogr/202402
https://www.nxtbook.com/nxtbooks/aogr/202401
https://www.nxtbook.com/nxtbooks/aogr/202312
https://www.nxtbook.com/nxtbooks/aogr/202311
https://www.nxtbook.com/nxtbooks/aogr/pbios_202310
https://www.nxtbook.com/nxtbooks/aogr/202309
https://www.nxtbook.com/nxtbooks/aogr/202308
https://www.nxtbook.com/nxtbooks/aogr/202307
https://www.nxtbook.com/nxtbooks/aogr/202306
https://www.nxtbook.com/nxtbooks/aogr/202305
https://www.nxtbook.com/nxtbooks/aogr/202304
https://www.nxtbook.com/nxtbooks/aogr/202303
https://www.nxtbook.com/nxtbooks/aogr/202302
https://www.nxtbook.com/nxtbooks/aogr/202301
https://www.nxtbook.com/nxtbooks/aogr/202212
https://www.nxtbook.com/nxtbooks/aogr/202211
https://www.nxtbook.com/nxtbooks/aogr/202210
https://www.nxtbook.com/nxtbooks/aogr/202209
https://www.nxtbook.com/nxtbooks/aogr/202208
https://www.nxtbook.com/nxtbooks/aogr/202207
https://www.nxtbook.com/nxtbooks/aogr/202206
https://www.nxtbook.com/nxtbooks/aogr/202205
https://www.nxtbook.com/nxtbooks/aogr/202204
https://www.nxtbook.com/nxtbooks/aogr/202203
https://www.nxtbook.com/nxtbooks/aogr/202202
https://www.nxtbook.com/nxtbooks/aogr/202201
https://www.nxtbook.com/nxtbooks/aogr/202112
https://www.nxtbook.com/nxtbooks/aogr/202111
https://www.nxtbook.com/nxtbooks/aogr/pbios_202110
https://www.nxtbook.com/nxtbooks/aogr/202109
https://www.nxtbook.com/nxtbooks/aogr/202108
https://www.nxtbook.com/nxtbooks/aogr/202107
https://www.nxtbook.com/nxtbooks/aogr/202106
https://www.nxtbook.com/nxtbooks/aogr/202105
https://www.nxtbook.com/nxtbooks/aogr/202104
https://www.nxtbook.com/nxtbooks/aogr/202103
https://www.nxtbook.com/nxtbooks/aogr/202102
https://www.nxtbook.com/nxtbooks/aogr/202101
https://www.nxtbook.com/nxtbooks/aogr/202012
https://www.nxtbook.com/nxtbooks/aogr/202011
https://www.nxtbook.com/nxtbooks/aogr/202010
https://www.nxtbook.com/nxtbooks/aogr/202009
https://www.nxtbook.com/nxtbooks/aogr/202008
https://www.nxtbook.com/nxtbooks/aogr/202007
https://www.nxtbook.com/nxtbooks/aogr/202006
https://www.nxtbook.com/nxtbooks/aogr/202005
https://www.nxtbook.com/nxtbooks/aogr/202004
https://www.nxtbook.com/nxtbooks/aogr/202003
https://www.nxtbook.com/nxtbooks/aogr/202002
https://www.nxtbook.com/nxtbooks/aogr/202001
https://www.nxtbook.com/nxtbooks/aogr/201912
https://www.nxtbook.com/nxtbooks/aogr/201911
https://www.nxtbook.com/nxtbooks/aogr/201910
https://www.nxtbook.com/nxtbooks/aogr/201909
https://www.nxtbook.com/nxtbooks/aogr/201908
https://www.nxtbook.com/nxtbooks/aogr/201907
https://www.nxtbook.com/nxtbooks/aogr/201906
https://www.nxtbook.com/nxtbooks/aogr/201905
https://www.nxtbook.com/nxtbooks/aogr/201904
https://www.nxtbook.com/nxtbooks/aogr/201903
https://www.nxtbook.com/nxtbooks/aogr/201902
https://www.nxtbook.com/nxtbooks/aogr/201901
https://www.nxtbook.com/nxtbooks/aogr/201812
https://www.nxtbook.com/nxtbooks/aogr/201811
https://www.nxtbook.com/nxtbooks/aogr/201810
https://www.nxtbook.com/nxtbooks/aogr/pbios_201810
https://www.nxtbook.com/nxtbooks/aogr/201809
https://www.nxtbook.com/nxtbooks/aogr/201808
https://www.nxtbook.com/nxtbooks/aogr/201807
https://www.nxtbook.com/nxtbooks/aogr/201806
https://www.nxtbook.com/nxtbooks/aogr/201805
https://www.nxtbook.com/nxtbooks/aogr/201804
https://www.nxtbook.com/nxtbooks/aogr/201803
https://www.nxtbook.com/nxtbooks/aogr/201802
https://www.nxtbook.com/nxtbooks/aogr/201801
https://www.nxtbook.com/nxtbooks/aogr/201712
https://www.nxtbook.com/nxtbooks/aogr/201711
https://www.nxtbook.com/nxtbooks/aogr/201710
https://www.nxtbook.com/nxtbooks/aogr/201709
https://www.nxtbook.com/nxtbooks/aogr/201708
https://www.nxtbook.com/nxtbooks/aogr/201707
https://www.nxtbook.com/nxtbooks/aogr/201706
https://www.nxtbook.com/nxtbooks/aogr/201705
https://www.nxtbook.com/nxtbooks/aogr/201704
https://www.nxtbook.com/nxtbooks/aogr/201703
https://www.nxtbook.com/nxtbooks/aogr/201702
https://www.nxtbook.com/nxtbooks/aogr/201701
https://www.nxtbook.com/nxtbooks/aogr/201612
https://www.nxtbook.com/nxtbooks/aogr/201611
https://www.nxtbook.com/nxtbooks/aogr/201610
https://www.nxtbook.com/nxtbooks/aogr/pbios2016_programguide
https://www.nxtbook.com/nxtbooks/aogr/201609
https://www.nxtbook.com/nxtbooks/aogr/201608
https://www.nxtbook.com/nxtbooks/aogr/201607
https://www.nxtbook.com/nxtbooks/aogr/201606
https://www.nxtbook.com/nxtbooks/aogr/201605
https://www.nxtbook.com/nxtbooks/aogr/201604
https://www.nxtbook.com/nxtbooks/aogr/201603
https://www.nxtbook.com/nxtbooks/aogr/201602
https://www.nxtbook.com/nxtbooks/aogr/201601
https://www.nxtbook.com/nxtbooks/aogr/201512
https://www.nxtbook.com/nxtbooks/aogr/201511
https://www.nxtbook.com/nxtbooks/aogr/201510
https://www.nxtbook.com/nxtbooks/aogr/201509
https://www.nxtbook.com/nxtbooks/aogr/201508
https://www.nxtbook.com/nxtbooks/aogr/201507
https://www.nxtbook.com/nxtbooks/aogr/201506
https://www.nxtbook.com/nxtbooks/aogr/201505
https://www.nxtbook.com/nxtbooks/aogr/201504
https://www.nxtbook.com/nxtbooks/aogr/201503
https://www.nxtbook.com/nxtbooks/aogr/201502
https://www.nxtbook.com/nxtbooks/aogr/201501
https://www.nxtbook.com/nxtbooks/aogr/201412
https://www.nxtbook.com/nxtbooks/aogr/201411
https://www.nxtbook.com/nxtbooks/aogr/201410
https://www.nxtbook.com/nxtbooks/aogr/201409
https://www.nxtbook.com/nxtbooks/aogr/pbios2014_programguide
https://www.nxtbook.com/nxtbooks/aogr/201408
https://www.nxtbook.com/nxtbooks/aogr/201407
https://www.nxtbook.com/nxtbooks/aogr/201406
https://www.nxtbook.com/nxtbooks/aogr/201405
https://www.nxtbook.com/nxtbooks/aogr/201404
https://www.nxtbook.com/nxtbooks/aogr/201403
https://www.nxtbook.com/nxtbooks/aogr/201402
https://www.nxtbook.com/nxtbooks/aogr/201401
https://www.nxtbook.com/nxtbooks/aogr/201312
https://www.nxtbook.com/nxtbooks/aogr/201311
https://www.nxtbook.com/nxtbooks/aogr/201310
https://www.nxtbook.com/nxtbooks/aogr/201309
https://www.nxtbook.com/nxtbooks/aogr/201308
https://www.nxtbook.com/nxtbooks/aogr/201307
https://www.nxtbook.com/nxtbooks/aogr/201306
https://www.nxtbook.com/nxtbooks/aogr/201305
https://www.nxtbook.com/nxtbooks/aogr/201304
https://www.nxtbook.com/nxtbooks/aogr/201303
https://www.nxtbook.com/nxtbooks/aogr/201302
https://www.nxtbook.com/nxtbooks/aogr/201301
https://www.nxtbook.com/nxtbooks/aogr/201212
https://www.nxtbook.com/nxtbooks/aogr/201211
https://www.nxtbook.com/nxtbooks/aogr/201210
https://www.nxtbook.com/nxtbooks/aogr/201209
https://www.nxtbook.com/nxtbooks/aogr/2012_pbios
https://www.nxtbook.com/nxtbooks/aogr/201208
https://www.nxtbook.com/nxtbooks/aogr/201207
https://www.nxtbook.com/nxtbooks/aogr/201206
https://www.nxtbook.com/nxtbooks/aogr/201205
https://www.nxtbook.com/nxtbooks/aogr/201204
https://www.nxtbook.com/nxtbooks/aogr/201203
https://www.nxtbook.com/nxtbooks/aogr/201202
https://www.nxtbook.com/nxtbooks/aogr/201201
https://www.nxtbook.com/nxtbooks/demo/aogr_clone
https://www.nxtbook.com/nxtbooks/aogr/201112
https://www.nxtbookmedia.com