A new EY study reveals opportunities still exist for US oil and gas, despite a year of declines. “2016 results are not good, but they are less bad than they were a year ago,” Herb Listen, EY’s U.S. oil and gas insurance partner said during an August 2 webcast focused on results from EY’s U.S. oil and gas reserves study. Looking at the exploration and production results for the largest 50 companies from 2012-2016, the study shows that capital expenditures (CAPEX) in 2016 were $85.7 billion, 27 percent lower than 2015. Company revenues dropped to $103 billion, down 21 percent from 2015. Exploration and development spending saw cuts of 35 percent and 52 percent, respectively, in 2016. These figures aren’t surprising, considering oil price declines. Although 2016 saw declines from the previous year in CAPEX, revenue and property impairments, there were some silver linings, one being technology, said James […]