Since 2014, the energy sector has undergone significant changes. Many workers moved on to new opportunities, but those who stayed had a stronger position due to increased demand for energy security, higher commodity prices, and relentless innovation. Furthermore, a significant decrease in energy exploration and production companies occurred, moving from around 450 in 2010 to 135 in 2022, leading to greater profitability and less competition. Despite concerns about peak oil and the need to prioritize environmental, social, and governance (ESG) issues, oil will still be needed in the foreseeable future. Jeremy discusses how companies recognize the importance of financial stability in driving positive change and how he sees trends shifting in Western Canada.
Collisions YYC