Delivering value up and downstream
PwC serves some of the world’s largest national and international oil and gas companies. We provide a full range of assurance, tax and advisory team members who understand the industry and the issues that oil and gas companies face.
You’ve probably seen the headlines: On March 9, oil prices experienced one of the most significant price drops since 1991. Why did this happen? The severe collapse is a direct result of failed negotiations between OPEC (Organization of the Petroleum Exporting Countries) and Russia. With COVID-19 causing an economic slowdown, OPEC recommended an oil production cut to accommodate reduced demand. Successful companies have weathered many of these downcycles and have often emerged stronger. View our strategies based on lessons from prior downturns.
The energy sector has already felt the impacts of the coronavirus. The outbreak has contributed to a dampened demand for oil, resulting in plummeting oil prices and production declines, especially in the wake of the Russia-OPEC price war. The COVID-19 crisis raises a number of unique challenges.
To continue attracting capital in an increasingly competitive market, oil and gas companies need to become more enticing to value investors, whose priorities are clear. A new strategy should be considered — one that hinges on prioritizing reliable shareholder returns through effective capital deployment and reliable operational performance in any oil price environment to position them for continued profitability. This is a big change for the industry and may mean changing a corporate mindset and culture and possibly acquiring new skills altogether.
PwC’s Energy team is one of the largest professional services network in the world. We serve more than 2,500 oil and gas clients of all sizes, from every segment of their businesses. We feature more than 6,000 oil and gas professionals worldwide, with more than 1,300 in the United States, who are committed to delivering quality in assurance, tax and advisory services. Wherever you operate, our professionals are ready to assist with many of today's largest, most challenging issues affecting the oil and gas sector.
Supporting clients on their journey to the cloud
How digital in energy, AI and machine learning moves energy companies forward.
After a spike in 2018, oil and gas activity retreated in 2019. Total deal value declined 31% year-over-year to $208.2 billion, and the total deal volume dropped 25% year-over-year to 138 deals - the lowest volume since 2009. The decrease in deal making was largely attributed to increased skepticism from investors, and limitations on access to capital.
Energy, Utilities & Mining Co-leader; US Oil & Gas Leader, PwC US
US Energy, Utilities & Mining Advisory Leader and Global Energy Advisory Leader, PwC US
Energy, Utilities & Mining Tax Leader, PwC US
Gavin S. Hamilton
US Energy, Utilities & Mining Assurance Leader, PwC US