Oil & Gas Overview - Ernst & Young - United States

If you are not asking “what if” today, you may be asking tomorrow, “why didn’t we prepare for that?” Scenario planning that considers multiple outcomes can shape sound business decisions. To jumpstart your planning exercises, we bring you through several “what if” scenarios and possible outcomes for the global economy.

How can you manage your company through the recession and position yourself for growth? After interviewing thousands of oil and gas executives, we identified some overarching themes. From demonstrating operational flexibility to managing risks, we reveal the lessons that could mean the difference between surviving and thriving in the new economic environment.

The oil and gas industry has been unevenly impacted by the global economic downturn. However, the turmoil in stock markets and the lower oil price environment has created some new risks that threaten the near-term survival of a number of companies. See which risks are keeping oil and gas executives up at night (pdf, 3mb)  and learn which measures can be taken to address them now.

Given the volatility in oil prices, cost containment has become a key priority for oil and gas companies. Until the market stabilizes new reserves are more likely to be added via exploration and appraisal than through acquisitions. Still, uncertain demand is making it difficult to plan forward investments. Learn more about the strategic direction of IOCs and NOCs and gain insight into future project plans (pdf, 304K).

In our quarterly reports, “NOC Monitor” offers insight into the changing economic and political landscape around the world, examining activity in partnerships, M & A, consolidations, and government policy developments between IOCs and NOCs. Tap into our insightful publications.

Do you need to understand the key differences between US GAAP and IFRS, or stay up-to-date on issues oil and gas organizations should consider before a potential conversion? We are pleased to offer practical guidance and valuable insights on this financial reporting language. Learn about the requirements of IFRS specific to the oil and gas industry from our various thought leadership reports.

The Canadian oil sands, located in northern Alberta, are an important piece of North America’s future oil supply puzzle. Tremendous opportunities and challenges lie in highly complex and capital-intense projects with substantial environmental and social/political implications. Learn about the human capital challenges associated with the oil sands boom, focusing on recruitment, retention and personnel support services in our report.