Global Oil and Gas Industry Outlook- 2016: A Year of Transition

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From 2005 to 2014, oil and gas company stocks collectively outperformed the market by a factor of 1.3–2.0x (figure 1). Fueled first by high natural gas and then oil prices, activity soared; and companies across the entire value chain enjoyed the boom in drilling and the resulting midstream and downstream projects. Now the global oil and gas industry is in the midst of one of the severest downturns in 30 years. Industry revenue for 2015 is estimated at 10 to 20% below that for 2014, with industry profits expected to shrink by 20 to 30%. That declining trajectory seems likely to continue in 2016.

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