FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Feb. 22, 2023 /PRNewswire/ -- The North American Oil & Gas industry is looking like 2023 will be an ever better year than 2022. The Oil & Gas industry will be investing in the future of energy according to a report from Deloitte. Deloitte took a look at the industry in 2023 and saw growth in 2023. It said: "The oil and gas (O&G) industry earned record profits in 2022, providing ample cash flow to fund their strategies in 2023. And while O&G companies recognize geopolitical and macroeconomic uncertainty in the year ahead, they've also been given a clear mandate to secure supply in the short term while transitioning to cleaner energy in the long term. Our 2023 outlook explores... trends that can help shape the path forward for O&G companies. While the oil and gas industry isn't new to supply disruptions and price volatility, the situation today is unique. A confluence of economic, geopolitical, trade, policy, and financial factors have exacerbated the issue of underinvestment and triggered a readjustment in the broader energy market. As a result, all three components of a balanced energy equation—energy security, supply diversification, and low-carbon transition—are now facing a "trilemma" of concerns… the immediate impact of this imbalance is high energy prices and record cash flows for O&G companies…" Active companies in news today include: Permex Petroleum Corporation (OTCQB: OILCD) (CSE: OIL), Ring Energy, Inc. (NYSE American: REI), Occidental (NYSE: OXY), Matador Resources Company (NYSE: MTDR), Diamondback Energy, Inc. (NASDAQ: FANG).
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