Clark Sackschewsky, national leader for BDO’s energy practice as well as global leader of oil and gas, joined Hart Energy’s Jessica Morales for a financial outlook of the energy sector.
During the interview, Sackschewsky discusses the BDO 2021 Energy CFO Outlook Survey, an annual survey of CFO across the energy spectrum including upstream oil and gas and power generation renewables recently published by the accounting firm.
While COVID-19 and the recession compounded challenges last year, middle market energy CFOs are cautiously optimistic about 2021, according to the survey. The survey listed expanding capital access, adapting to emerging risks and investing in the shift to renewables as key targets ahead.
Oil and Gas and the Road to Recovery |
|||
| 2019 | 2020 | Predicting in 2021 | |
| Thriving | 70% | 38% | 60% |
| Surviving/struggling | 30% | 62% | 40% |
Sackschewsky echoed that optimistic outlook by noting the new focus on ESG and the already strong track record of the oil and gas industry, in particular.
“Being able to show that to the rest of the world—how safe it really is and how strong their environmental aspects are as well as their governance—is key because I think that floats right into the power generation, renewables and alternative energy space,” he said. “And the fact that oil and gas isn’t going away anytime soon, it really allows you to take the best and brightest of what’s been developed within the oil and gas industry and continue that out.”
“Those strong companies with strong balance sheets, with strong operating capabilities, are the ones that are going to be able to succeed over the next couple decades and that aspect alone shows hope overall for the industry,” he added.
Click here for the full BDO 2021 Energy CFO Outlook Survey.
Jump to a topic:
- BDO’s Energy CFO Outlook Survey (0:21)
- Capital access for oil and gas (2:34)
- New growth model (4:12)
- Data analytics (6:08)
- Energy transition? (7:26)
- Evolving concerns for oil execs (9:27)
- Transitioning energy workforce (11:08)
- The path forward (13:23)
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