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.