Global Energy Outlook
The oil and gas industry enters near term prosperity, mobilizes to endure rising carbon transition risks
- High prices, modest growth will support earnings and improved credit fundamentals
- Regulators and companies intensify focus on energy transition, but oil demand complicates effort
- Portfolio transformation continues as companies seek resilience and pivot to low carbon investment
- Rebound in demand will push refining margins to mid-cycle levels
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SpeakersSteve Wood Managing Director, Corporate Finance Moody's Investors Service
Elena Nadtotchi Senior Vice President, Corporate Finance Moody's Investors Service
John Thieroff Vice President - Senior Credit Officer, Corporate Finance Moody's Investors Service
Martin Fujerik Vice President – Senior Credit Officer, Corporate Finance Moody's Investors Service
Sajjad Alam Vice President - Senior Credit Officer, Corporate Finance Moody's Investors Service
Nymia Almeida Senior Vice President, 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.
Elena Nadtotchi is a Vice President – Senior Credit Officer in Moody’s Oil and Gas Team and lead analyst on a portfolio of US investment-grade and high-yield companies in the exploration and production, midstream and refining sectors.
Before moving to New York in 2017, Elena spent 12 years in Moody’s London office as part of the Energy, Metals and Mining and Chemicals teams. The rated companies she covered included those in the European integrated oil and gas, global mining and EMEA chemical sectors, as well as the European nuclear energy sector. Her responsibilities in that time included acting as Moody’s global coordinator for the integrated oil and gas sector and for the chemicals sector. Elena was a co-author of Moody's Integrated Oil and Gas rating methodology in 2019 and was a co-author of earlier Chemicals and Metals and Mining industry methodologies in previous years. Elena is currently Moody’s global coordinator for oil and gas price assumptions and for North American oil and gas sector research.
Before joining Moody’s, Elena worked as a project finance and corporate banker for various international banks. She started her career at the European Bank for Reconstruction and Development in London, where she originated financing for the roll out of telecom infrastructure in Central Europe, as well as infrastructure projects in EMEA. Elena holds a bachelor’s degree in Applied Mathematics, as well as MA in Economics and MSc degree in Investment Management.
John Thieroff is a Senior Analyst in Moody’s Oil and Gas Team, currently assigned to Moody’s ESG initiative. His ESG efforts are focused on carbon transition risk for sectors within the Corporate Finance Group that are considered to have significant exposure.
Prior to joining Moody’s, John worked for more than 20 years in energy credit in a variety of capacities including commercial lending at Chemical Bank and Christiania Bank, as a Director in Standard & Poor’s Oil and Gas group and as a Ratings Advisor at GE Capital. He also advised on transfer pricing for multi-national oil companies as an independent consultant.
John graduated with a Bachelor of Science in Finance from Central Michigan University and has a Master of Business Administration from the University of Toledo.
Martin Fujerik, a Frankfurt-based Vice President – Senior Credit Officer in Moody’s Corporate Finance Group, is the lead analyst primarily for EU-based integrated oil and gas companies and chemical distributors. During his career in Moody’s, Martin has covered a number of industries, including pulp, paper and packaging; construction; real estate; and diverse manufacturing and capital goods.
Prior to joining Moody’s in 2008, Martin worked in the advisory business of Ernst & Young. Martin holds a Masters degree in Finance and studied in Prague and Rotterdam.
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.
Nymia Almeida is a Senior Vice President at Moody’s Corporate Finance Group in Mexico City, leading the credit analysis and rating process for debt issuers in the Oil & Gas industry in Latin America. Prior to this position she had similar responsibilities for the Latam Media & Telecom as well as Metals & Mining sectors. Nymia joined Moody’s in 2005. Up until then, she spent most part of her professional career in financial institutions such as The Chase Manhattan Bank, BankBoston and Bank of America, in Rio de Janeiro, Sao Paulo, Mexico City and New York, in various functions including account manager for corporate clients as well as credit and mergers & acquisitions analyst. Nymia has a MBA from IPADE and received a B.S. degree in Economics from Gama Filho University, in Rio de Janeiro, Brazil. She is fluent in Portuguese, Spanish and English.