PwC Strategy&
Earl Simpkins is a Principal at Strategy&, part of the PwC network. Based in Dallas, he is a member of Strategy&’s Energy, Chemicals, and Utilities (EC&U) practice. John Corrigan is a Principal at Strategy&, part of the PwC network. Based in Dallas, he focuses on the corporate and business unit strategies in the EUM sector. Hannah Jeffers advises companies in the power and utilities industry at Strategy&. Based in Houston, she is a Director with PwC U.S.
COVID-19 has had a significant impact on a number of industries since March, but few have been as challenged as the global oil and gas sector, which has felt the impacts of changing demand from COVID-19 alongside plummeting oil prices.
Companies have quickly mobilized crisis management and stabilization efforts, but leaders who focus exclusively on short term responses will miss a unique opportunity to evaluate how targeted investments in the U.S. utility industry could enhance their long term strategy and reposition their portfolio for success in the future.
Before the coronavirus pandemic, a shift in global oil and gas markets was underway. Forward-thinking oil majors had begun diversifying their positioning to move from conventionally driven power generation and fuel consumption to a clean energy future.
In parallel, many utilities have also advanced their ESG and clean energy agendas as well.
From one-off generation projects, primarily in the renewable space, to fully integrated energy providers, the pace with which oil and gas companies sought to enter the power and utility space was quickening.