- E&P capex discipline will keep higher volume expectations at bay in the near-term, hindering organic growth
- Improved natural gas and liquids prices reduce volumetric risks
- 2022 midstream growth capex will continue declining, limiting future EBITDA growth
- M&A activity should pick up, focusing on operational synergies
- Share buybacks and modest distribution increases are likely with improved free cash flow
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SpeakersSteve Wood Managing Director, Corporate Finance Moody's Investors Service
Sajjad Alam Vice President - Senior Credit Officer, Corporate Finance Moody’s Ratings
Arvinder Saluja Vice President - Senior Analyst, Corporate Finance Moody's Investors Service
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Steve Wood is the Managing Director for the Americas Oil & Gas Team at Moody’s Investors Service in New York. In this capacity, Steve is responsible for over 280 companies throughout the Americas across all sectors of the oil and gas industry. He also coordinates Moody’s oil and gas industry coverage globally. Prior to accepting this role in 2008, Steve was a lead analyst responsible for a portfolio of US and Canadian oil and gas companies that included exploration and production (E&P), oilfield services, contract drilling and midstream natural gas.
Prior to joining Moody’s in 2004, Steve spent ten years in corporate banking with JPMorgan. During this time, he had responsibility for the debt financing of energy client relationships. Steve primarily covered independent E&P companies, midstream natural gas companies, integrated natural gas pipelines and energy merchants. Prior to business school, Steve was a reservoir engineer with Shell Oil. Steve holds a B.S. in Petroleum Engineering from Colorado School of Mines, and a MBA in finance and strategy from the University of Chicago.
Sajjad Alam is an Vice President-Senior Credit Officer within Moody’s Corporate Finance Group in New York covering a portfolio of mostly high-yield E&P, midstream, drilling and oilfield services companies. Sajjad joined Moody’s in 2006 and spent the first two years analyzing companies in the North American metals and mining industry and the paper and forest product industry as a support analyst. Prior to joining Moody’s, Sajjad was a Senior Manager at Scotiabank’s Global Risk Management Group in Toronto responsible for revamping the bank’s risk assessment framework. Previous to that, he held various analytical and management reporting positions at Deutsche Bank, The Bank of New York and Morgan Stanley. Sajjad has an MBA in Finance from York University in Toronto, and a B.S. in Accounting and Economics from The University of Tennessee at Knoxville. He is also a CFA charter holder and a Certified Public Accountant.
Arvinder Saluja is currently a lead analyst in Moody’s Oil & Gas Team and covers a portfolio of exploration and production, midstream, refining, and oilfield services companies. Before joining the Oil & Gas Team, he was with Moody’s High Yield Team where he was responsible for a portfolio of credits in the Auto Part Supplier, Coal Mining, Base Metals, Chemicals, and Manufacturing industries. Previously, he was an Associate Analyst in the Energy & Chemicals team where he provided coverage of the entire spectrum of chemicals credits. His experience also includes three years as a Senior Consultant with KPMG Consulting where he was based out of McLean, VA and worked in its Telecom, Media and Technology team. Arvinder holds a MS from University of Maryland and an MBA in Finance from MIT Sloan School of Management. He is also a CFA charter holder and a member of New York Society of Security Analysts.