July 21, 2020
AUSTIN – Today, more than 1,000 participants tuned in for the Texas Oil & Gas Association’s (TXOGA) virtual energy summit, Powering Forward – Texas Oil & Natural Gas, featuring United States Under Secretary of Energy Mark Menezes, Texas Governor Greg Abbott, Chairman and CEO of Plains All American Pipeline, L.P. Willie Chiang and Chairman and CEO of Chevron Corporation Michael K. Wirth.
Moderated by TXOGA President Todd Staples, the summit focused on the state of the Texas oil and natural gas industry, infrastructure and storage capacity and the outlook for the American energy sector.
In opening today’s summit, Texas Governor Greg Abbott said, “The oil and natural gas industry is indeed powering Texas forward. Investment, ingenuity and innovation have cemented the Lone Star State as the global energy leader – a position that ensures our future will remain bright.”
Under Secretary Menezes echoed the importance of the industry to the nation’s energy and economic security when he said, “The Department of Energy is committed to and investing in the state of Texas because we know the critical role oil and gas plays in ensuring affordable and reliable energy delivery, advancing our energy and national security, and strengthening communities.”
The summit continued with a conversation with Plains All American Chairman and CEO Willie Chiang, who discussed the importance of infrastructure as part of Texas’ economic recovery and growth. “Energy is critical to economic prosperity and national security, and energy infrastructure is the critical link. The ability to move product safely, reliably and responsibly across the state, the nation and the globe will encourage continued production in Texas, supporting jobs and ongoing business investment.”
The summit concluded with a discussion of the impact of the pandemic on the oil and natural gas industry with Chevron Chairman and CEO Mike Wirth. “The fundamental drivers of energy demand are intact. While there’s a dip right now, the longer term demand trend is still up,” said Wirth. “History says tough times don’t last, but tough people do. I think businesses will adapt and get even better in this environment. The industry will emerge stronger. I continue to be optimistic about the long term even as I’m realistic that the near term is likely to be a bit uneven until the economy finds a firm footing.”
Powering Forward – Texas Oil & Natural Gas will be available to view online tomorrow, July 22, 2020, on TXOGA’s website, www.txoga.org.
Founded in 1919, TXOGA is the oldest and largest trade association in the state representing every facet of the Texas oil and gas industry.