The Oil and Gas Industry is Growing — Are You Ready?
In spring 2020, many businesses and industries suffered as the world seemingly shut down due to the COVID-19 pandemic. Places like restaurants, small businesses, and local businesses might come to mind. However, the global oil and gas industry also suffered. Due to social distancing protocols, changes in operations, and so much more, businesses in this sector haven’t seen much growth.
Fortunately, the forecast for oil and gas industry is improving. Specifically, “the global oil and gas market is expected to grow from $6,098.98 billion in 2021 to $6,819.04 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%,” as Yahoo! reported.
And since we know oil and gas is a huge part of the West Texas economy, we want to help you make sure you’re ready to handle the level of growth your specialty will see. Whether that’s as a larger company or a smaller one, the challenges are still present, and being prepared is key to managing them.
The industry is becoming more technologically advanced
As with so many industries, technology is playing a more prominent role in almost every aspect of businesses. And that’s not a bad thing! On the contrary, as Yahoo! reported, big oil and gas companies are looking at using artificial intelligence and big data analytics to help with drilling and other operations.
Making the most of the available technological resources is a smart way to stay in the loop and potentially improve some processes.
Specifically, these new technologies are helping companies become more cost effective, and if you want to stay competitive, then you might want to consider looking into them. You might think all this talk of technology sounds intimidating, but it doesn’t have to be. Fortunately, HUB Funding Solutions has plenty of financing options to help if you want to invest in new technologies, so your oil and gas business stays in the game.
You might need new equipment to navigate these changing times
In addition to technological changes in the oil and gas industry, your business might benefit from equipment upgrades, which tend to be necessary throughout the year. Especially since 2023 is expected to be such a big year for the industry, updating your equipment to get ahead is probably a smart move.
Pay cash for 10 pieces of large equipment all upfront might not be feasible. That’s why we offer equipment leasing and loan programs, one of our most popular solutions.
When you use an equipment leasing or loan program, you enable greater cash flow on hand to cover other costs, and you’ll get the equipment you need much faster.
HUB Funding Solutions has plenty of expertise in Oil and Gas
Part of what makes the oil and gas industry so complicated is that it’s an extremely niche sector that requires specific knowledge. Sometimes, when you need to talk to someone about financing, if they don’t work specifically in the oil and gas field, then there might a knowledge gap. That’s not the case with HUB Funding Solutions. We have plenty of expertise in the oil and gas industry and are here to answer any questions you might have about securing funding for your business. We know the language, we know the industry, and we know finance.
So, in a world changing as rapidly as ours and in an industry seeing as much growth as oil and gas is, turn to HUB Funding Solutions to help you get your business where you want it to be.