CIT: U.S. Mid-Market Energy Execs Upbeat
Eighty-one percent of middle-market energy executives describe 2013 as profitable, and their expectations for 2014 are nearly identical, with 82% anticipating continued profitability. However, although two out of three (67%) agree that current energy policies are hampering U.S. energy development, nearly half (49%) believe U.S. energy independence remains a distinct possibility in the foreseeable future. These are some of the findings detailed in CIT Group’s latest research study, “2014 U.S. Energy Outlook.”
“Consistent with current market observations, U.S. middle market energy executives are optimistic as they find themselves in the midst of a boom propelled by oil, natural gas and power,” says Mike Lorusso, group head and managing director, CIT Corporate Finance, Energy. “They believe that with policies that are more supportive to the growth and investment in the energy sector, the U.S. will continue to advance towards its goals.”
Among the key findings from the study includes:
Outlook for the Energy Industry Is Positive: More than 8 out of 10 (81%) executives describe the past year as profitable (50%) or very profitable (31%). Expectations for 2014 are nearly identical, with 82% anticipating a profitable (50%) or very profitable (32%) year. The three-to-five-year energy sector outlook is even more positive, with 91% of executives anticipating they will be profitable (53%) or very profitable (38%), and 23% describing their outlook as “aggressive” (above average investment and growth).