Endeavor CEO Lance Robertson Speaks to Petroleum Accountants Society of the Permian Basin
The Petroleum Accountants Society of the Permian Basin (PASPB) hosted their April luncheon at the Midland Country Club featuring a keynote from CEO Lance Robertson.
In his presentation – “Permian Endures & the Speed Bumps in the Middle” – Lance outlined three focuses: 1) macro market views related to changes in supply and demand since COVID; 2) energy security and why it matters more than ever; and 3) the Permian’s place in the world today and in the future in light of industry challenges that are different than any in recent time.
Discussing the macro market, Lance stated, “global demand is surprising to the upside, but the surprises keep coming.” He noted that “the world desires mobility” and “the demand for oil and gas is only increasing in underdeveloped countries. Energy is the single-largest driver of moving people out of poverty for the last 150 years.”
Moving on to energy security, “the US is the only developed country who can support our oil and gas needs…we are more or less self-sufficient,” Lance remarked. Labor shortages, oil price, and exploration and production investment trends were also highlighted as impacting energy security.
Lance praised US oil and gas energy for being clean energy. “Nobody works harder than US oil and gas companies to produce clean energy. We work very hard to be responsible for our country and our communities.”
Data was presented forecasting continued Permian growth. “There is only one growth-basin in the US. We’re standing in it. The Permian is an engine,” Lance said. One historic shift he noted in US oil and gas operations is the switch to large, private Permian operators, who now account for 40-45% of capital activity. “What we can do here can’t be done in any other place. Multi-decade drilling inventory for many of the Permian Basin’s most active operators will ensure strong results and growth for years to come.”
Touching on EER-initiatives to continuously improve the industry’s productivity, Lance highlighted Endeavor’s water recycling and the Brown Yard’s Operator-Led Response Team (OLRT) addressing the Midland Basin’s seismic response area. “The industry is coming together and learning how to do things better and more thoughtfully.”
Speaking on the Permian’s future, he summarized, “We are going to be busy. The Permian is the most economical, cleanest, and has the best infrastructure to support our industry. Our exports will fill energy demand or no one else in the US will. Stay the course. It’s going to be bumpy, but we can do a lot at $100/bbl oil.”
Focused on the future, Lance closed with, “We’re going to invest and operate responsibly. Oil and gas companies are going to be a vibrant part of the US market for decades. We are fueling the future of others and improving living standards of people for years to come.”
Endeavor is strongly represented in PASPB leadership roles, including the board and committees. PASPB has a membership of 120+ accounting professionals representing more than 40 companies. They regularly hold meetings and educational opportunities for members. To learn more, visit www.paspb.com.