American Oil and Gas Reporter - April 2021 - 37

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By Gregory D.L. Morris
Special Correspondent
Last year was a turbulent one for the upstream
sector, with companies reacting to lower commodity
prices by slashing capital expenditure and in some
cases cutting shareholder pay-outs. That assessment
from the February 2021 Energy Council Outlook
Survey Report will serve to confirm what U.S. independent producers have seen anecdotally.
Further confirmation came from a recent Westwood
survey that indicated the global supermajors intend
to cut capital expenditures by a collective $10
billion. Respondents to the Energy Council survey
recapitulated the Westwood findings across the
value chain. Energy Council found that almost half
of respondents have no plans to increase capital
expenditure in the next 12 months. Respondents to
the survey also warn that capital is being directed
to the energy transition.
In September 2020, the Energy Council held a
debate focused on the future of exploration. A majority
of attendees voted during that debate that exploration

would continue, but with a lean away from the majors
and toward global independents. The 2021 survey
indicated a similar answer, with a majority of smallto mid-cap respondents identifying that exploration
still will play a role in their businesses, while the
international oil companies predominantly answered
in the negative.
" The good news is there is still an appetite to
invest in, and finance, oil and gas projects, " notes
the Energy Council, a global organization that
facilitates connections among senior upstream energy
executives and the finance, investment and technology
communities. " According to more than 60% of our
participants, there is capital available for those who
want it. Resource-based lending (RBL) is not dead,
and there is a future for private equity. "

APRIL 2021 37



American Oil and Gas Reporter - April 2021

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

Contents
American Oil and Gas Reporter - April 2021 - Intro
American Oil and Gas Reporter - April 2021 - Cover1
American Oil and Gas Reporter - April 2021 - Cover2
American Oil and Gas Reporter - April 2021 - Contents
American Oil and Gas Reporter - April 2021 - 4
American Oil and Gas Reporter - April 2021 - 5
American Oil and Gas Reporter - April 2021 - 6
American Oil and Gas Reporter - April 2021 - 7
American Oil and Gas Reporter - April 2021 - 8
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American Oil and Gas Reporter - April 2021 - Cover3
American Oil and Gas Reporter - April 2021 - Cover4
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