E&Y Study: How Bad was 2020 for O&G Drillers? Investment Down 60%

EY, formerly known as Ernst & Young Global Limited, is one of the Big Four accounting firms in the world. The company is also a powerhouse consulting firm. EY published a new study yesterday called "EY US oil and gas reserves, production and ESG benchmarking study" (full copy below). In the study EY tells us what we already knew: That 2020, due to the coronavirus, was a waste of a year in the oil and gas sector. It was bad--really bad. The EY study puts some numbers to just how bad, including the shocking number that capital expenditures (capex) totaled $60.3 billion, 60% lower than 2019. Of the 50 companies studied they collectively drilled 41% and 32% fewer development and exploration wells, respectively, compared with 2019.

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