CEO Lance Robertson Delivers Keynote Speech at State of Oil & Gas Luncheon
The State of Oil & Gas Luncheon is one of the most highly-anticipated events of the year, put on by the Midland Chamber of Commerce. This year our VP of Asset Development Chad McAllaster emceed the event as Chairman of the Board for the Midland Chamber, and our Chief Executive Officer Lance Robertson was the Keynote Speaker.
In his address, Lance shared the State of Oil & Gas with the Midland Chamber of Commerce and business leaders in our community. His presentation reviewed the impact of COVID-19 on oil demand, GDP trends and employment. He spoke about the projected path for recovery, along with the role that financial stimuli, OPEC+, and vaccination will play. Current US regulatory pressures were reviewed. Industry highlights were discussed, including a 50% reduction in flaring from 2019 – 2020, a trend that continues into 2021.
Lance reminded us that the Permian Basin remains vital. As oil demand steadily recovers, the Permian’s resources and well inventory are best positioned to support future needs because we have the highest rate of return on single well entrance, natural abundance of this asset, and excellent takeaway transport capacity. The Permian Basin is poised for prolific growth, further solidifying our region’s status as the epicenter of oil & gas for the US moving forward.