Adam Ferrari, Founder of Ferrari Energy, discusses how businesses in the oil and gas industry can stay competitive during the coronavirus pandemic.
As the coronavirus continues to impact businesses’ operations and practices nationwide, leading companies in the oil and gas industry are working toward positive outcomes for their sector post-pandemic.
“In the wake of the COVID-19 outbreak, dominating organizations in the oil and gas industry are utilizing the current crisis to emerge stronger on the other side by redefining their competitive advantage,” said Ferrari Energy founder Adam Ferrari.
Adam Ferrari, originally trained as a chemical engineer, earned his degree Magna Cum Laude. After gaining experience in energy and finance, he launched Ferrari Energy from the ground up. Ferrari was intent on helping educate mineral owners on how to manage their assets.
Prices for products have plummeted from the pandemic due to the sudden decrease in consumer demand and an overstocked market. However, because of the importance of supplying inexpensive power, oil and gas manufacturing will not break.
In response to the global crisis, companies in the oil and gas industry have adapted through planning and operational flexibility. The sector is facing expanding social and governmental pressure to address climate and environmental impact, fierce competition, a decreasing seller’s market, shareholder doubt, and quick supply return led by technology.
Factors that oil and gas leaders benefit from include expeditious decision making, identifying and optimizing value streams, taking advantage of remote employees, and building long-term, durable, flexible business models.
Positive predictions say that the cost of oil could increase to fifty to sixty dollars per barrel in 2021 and 2022, which was the product price before the coronavirus outbreak. Other predictions believe prices will not begin to rise until 2024.
Further estimates predict a spike in demand for hydrocarbons, specifically oil, in 2030. However, for this to occur, oil and gas businesses must prove themselves during this crisis period through risk management, capital allotment, administration, and financial stability.
About Adam Ferrari
Adam Ferrari is the founder of Denver-based mineral acquisitions company Ferrari Energy. He is a chemical engineer by degree and is an accomplished petroleum engineer by profession. He also has experience in the financial sector through his work at an investment banking firm. Under his leadership, his company supported organizations including; St. Jude Children’s Hospital, Freedom Service Dogs, Denver Rescue Mission, Coats for Colorado, and Next Steps of Chicago.