I can’t think of another time in my career that such a substantial upward move in oil prices was accompanied by so little investor enthusiasm for E&P and OFS stocks. At times over the last 18 months, it’s felt as if the group has collectively traded like a dying industry.
The well-informed subscribers to this publication understand that the oil and gas sector will continue to be vibrant for many years, and quite possibly decades to come. Population demographics in the developing world portend continued robust demand growth; a disruptive technology in the transportation market is not imminent; and in the near to intermediate-term, the risks of an oil supply gap beyond 2020 from upstream underinvestment appear far more acute than demand destruction related to climate change initiatives.
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