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July 12, 2022

Filings buzz in oil and gas industry: 24% increase in digitalization mentions in Q2 of 2022

We've analysed companies' annual reports and other filings to see which key issues are receiving the most attention.

By Data Journalism Team

Mentions of digitalization within the filings of companies in the oil and gas industry rose 24% between the first and second quarters of 2022.

In total, the frequency of sentences related to digitalization between July 2021 and June 2022 was 664% higher than in 2016 when GlobalData, from whom our data for this article is taken, first began to track the key issues referred to in company filings.

When companies in the oil and gas industry publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Digitalization is one of these topics - companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.

To assess whether digitalization is featuring more in the summaries and strategies of companies in the oil and gas industry, two measures were calculated. Firstly, we looked at the percentage of companies which have mentioned digitalization at least once in filings during the past twelve months - this was 82% compared to 40% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to digitalization.

Of the 40 biggest employers in the oil and gas industry, Rosneft was the company which referred to digitalization the most between July 2021 and June 2022. GlobalData identified 126 digitalization-related sentences in the Russia-based company's filings - 5.1% of all sentences. Schlumberger mentioned digitalization the second most - the issue was referred to in 3% of sentences in the company's filings. Other top employers with high digitalization mentions included RIL, Halliburton and Saipem.

Across all companies in the oil and gas industry the filing published in the second quarter of 2022 which exhibited the greatest focus on digitalization came from Saipem. Of the document's 1,450 sentences, 35 (2.4%) referred to digitalization.

This analysis provides an approximate indication of which companies are focusing on digitalization and how important the issue is considered within the oil and gas industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning digitalization more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into digitalization have been successes or failures.

In the last quarter, companies in the oil and gas industry based in Eastern Europe were most likely to mention digitalization with 1.02% of sentences in company filings referring to the issue. In contrast, companies with their headquarters in Canada mentioned digitalization in just 0.03% of sentences.

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