Oil Majors' Shrinking Capital Expenditures (Capex) Signal a Mature Industry in Decline

Tom Sanzillo is the former Director of Financial Analysis for IEEFA. He has produced influential studies on the oil, gas, petrochemical and coal sectors in the U.S. and internationally, including company and credit analyses, facility development, oil and gas reserves, stock and commodity market analysis, and public and private financial structures.

Clark Williams-Derry focuses on the finances of North America’s oil and gas industry. His areas of expertise include: North American liquefied natural gas (LNG) export projects; global LNG market trends; the long-term financial performance of North American oil & gas companies, particularly fracking-focused enterprises; and financial issues related to the cleanup of oil and gas infrastructure.