Ernst and Young Deliver Oil and Gas Presentation

Oil and gas products are important in our everyday lives. From filling up your gas tank to throwing on a rain jacket during a storm, many everyday products and things we do come from oil and gas without us even realizing. The industry also has a significant presence in Texas. Professionals from Big Four accounting firm Ernst & Young discussed the industry in depth with the PPA seminar class a few weeks ago.

With clients in all three sectors (upstream, midstream, and downstream), EY considers many aspects that impact their clients and the industry. Geopolitics, sustainability, and the global environment all have substantial effects on the ever-changing industry. Digital technology and analytics have played a major role in efficiency as high-tech sensors are being placed on drills.

While there’s a push towards renewable energy and sustainability, EY expects that we will only transition to 70% fossil fuels and 30% nuclear and renewable energy in our lifetime compared to the 80% fossil fuels and 20% nuclear and renewable energy we currently use. Oil and gas will still be prevalent in the future and is a profitable industry now, as they mentioned that the value of the US oil and gas industry hit a near record $122.8 billion in Q3 2018. It’s no wonder that EY is now seeing significant private equity investment in such a lucrative industry.

The accounting students appreciated EY dedicating their time and energy to present on the oil and gas industry. Students had the opportunity to ask further questions about the industry as they start to think about what industries they would be interested in pursuing, as TCU accounting recruiting starts next semester.

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AUTHOR
Justin Chen