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The Coronavirus’ Effect on the Energy & Utilities Industry, Business and Industry Trends Analysis

The oil and gas industry cut tens of thousands of jobs at companies both small and large.  In addition, oil companies, out of concerns for health safety, shifted many remaining employees from the field to offices or homes, including engineers and drilling specialists.  The shift required the industry to speed its adoption of automation and other technologies that enable remote work, including remote monitoring of drilling and production.
Meanwhile, drilling was curtailed on a global basis, leading to financial misery, and occasional bankruptcy, for oil field supply and services companies.  At the same time, extremely low market prices led to the bankruptcy of some oil and gas producers that were carrying high levels of debt.  Activity in oil fields bounced back in 2021.
The Coronavirus affected many other sectors of the energy industry, outside of oil and gas.  Demand for electricity fell, at least temporarily—the degree to which it dropped varied according to what stage of lock-down was in effect from place-to-place.  Empty offices, stores, restaurants and shopping malls meant much lower use of electricity.  Energy usage and output bounced back significantly in 2021-2022.

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