Cash is flooding into the oil and gas industry so fast this year that producers worldwide could report a record $1.4 trillion in free cash flow for 2022, according to a new report from a major consulting firm.
Free cash flow -- the amount of money a company has after accounting for operations and capital expenses -- could help the industry pay debt, return money to shareholders through dividends or buybacks, and boost investment in low-carbon energy ventures, London-based consulting firm Deloitte said Thursday.
Go back about a decade, and things were a little different: From 2010 to 2020, oil and gas drillers in North America generated annual free cash flow of about $47 billion, according to Deloitte, because of losses in shale plays.“The oil and gas industry has faced real disruption over the past few years, some of which originated long before the COVID-19 pandemic began to make its impact,” said Amy Chronis, vice chair of U.S. oil, gas and chemicals at Deloitte.
The result: In 2021 and 2022, oil and gas producers in North America are expected to generate $600 billion in free cash flow, or 13 times the amount it did in all of the past decade. Deloitte analysts said shale producers – which had negative cash flows in nine of the past 10 years – will likely see enough free cash flow in 2021 and 2022 to overcome the decadelong loss estimated at $300 billion.A breakdown of key state and local races and candidates in the May 24 primary runoff.
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