"We Say We've Already Found All The Big Oilfields, Then We Find Another One" Featuring Dr. Andrew Latham, Wood Mackenzie

Dr. Andrew Latham, Vice Present Global Exploration at Wood Mackenzie, joined us today to talk through recent happenings in the global upstream oil & gas exploration market. The punchline is there is more happening than you might think.

Andrew has more than 25 years of experience in technical and commercial aspects of exploration including assisting majors and independent companies in strategy development and portfolio planning. In recent years, exploration has arguably been undervalued with a push for the energy transition and with an overall restraint on spending. Andrew's recent report catalyzed today's discussion by pointing out some really interesting things are happening in this classic art of "finding more." It was so fun to be talking about exploration again!

A few themes we touch on include recent industry successes/results, how dynamics around gas discoveries might be changing in the current world, and how exploration success and subsequent development actually improves the ESG profile of those operators. Today's exploration activity also gives a window into what those participants think about long-term oil market fundamentals given the extended cycle time to positive project cash flow. Thank you to Andrew for joining!

Mike Bradley kicked us off with discussion around what to watch outside of energy, given we are entering the heart of earnings season along with refining margin observations. He throws in a fun takeaway from a recent shareholder proposal to Citibank. Colin Fenton and Mike both hit different aspects of European natural gas market dynamics before Colin relays observations on various asset classes relative to commodity markets and how that is influencing a number of institutional investor discussions. He also alerted us all that BP has published their Energy Outlook for 2022.