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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Moody’s analysis says outlook for energy industry ‘stable’ next 12-18 months

April 21, 2023 by PBOG

A recent analysis by Moody’s Investors Service reported by Oil & Gas Journal said the outlook for the global energy industry is stable over the next 12-to-18 months “with earnings remaining elevated as the industry steps down from exceptionally high gains in 2022.”  Moody’s expects E&P capital spending to rise by 15 percent and production to grow by 5 percent based on preliminary guidance from 43 of the largest North American E&P companies.

E&P companies are more resilient to lower prices today, according to Moody’s, after significantly reducing debt and improving capital efficiency during 2021-22.  Oil producers can generate free cash flow if WTI averages at least $65 per barrel in 2023.  “The deceleration is led by lower average oil and natural gas prices,” Moody’s said, but the “lower prices and heightened volatility do not point to a resolute weakness in fundamental conditions in the energy industry as prices should remain above our medium-term price ranges and companies have improved operating and financial resilience.”

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