COVID-19 and Price Collapse in the Energy Markets: A Comparison of UK/US Experience and Challenges

This webinar took place on May 12, 2020. 

To download the slides from this presentation, please click here. A replay of the webinar is below.

Description: The British-American Business Association and Womble Bond Dickinson presented an issues-focused roundtable discussion comparing and contrasting impacts on the US & UK energy markets as a result of COVID-19 and the drop in energy prices. The conversation covered current challenges on a range of relevant topics, and how those who are facing these concerns are dealing with them on both sides of the Atlantic. 

Our Speakers covered topics including:

1. How the following issues will impact the energy markets in the coming weeks, months and years

COVID-19

• Logistics and international mobility: the impact of lockdown on operations
• Employment issues: the challenges of working remotely, health and safety, and planning to return to work
• Supply chain disruptions and counterparty risk
• Contract renegotiations and force majeure claims
• M&A deal activity and pricing
• Debt service: particularly reserve based loan redetermination
• SEC disclosure requirement

Global Energy Market

• Price volatility: futures contracts and storage capacity
• Impact on exploration activities
• Capex expenditure: FID decisions, impact on activity levels and future effect on the supply/demand dynamic
• Future financing of the industry
• Long term structural changes: how will the industry need to change to survive?

2. Final thoughts: preparing the industry for a post-COVID-19 world

Speakers:

• Michael Silver, Vice President and General Counsel, VAALCO Energy, Inc.
• Jon Fitzpatrick, Founder and Managing Director, Gneiss Energy (UK)
• Richard Cockburn, Partner, Womble Bond Dickinson (UK)
• Matt Lewy, Partner, Womble Bond Dickinson (UK)
• Jasper Mason, formerly with Womble Bond Dickinson (US)
• Joe Tirone, formerly with Womble Bond Dickinson (US)

This webinar was co-hosted by The British-American Business Association. For more information on BABA, please visit their website.

Additional Resources:

To help navigate the COVID crisis, we are sharing actionable content on our COVID-19 Resource Hub: Navigating the Legal Challenges of COVID-19. This is the best place to find fresh perspectives and insights from Womble Bond Dickinson (US) attorneys on a real time basis.