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As the oil and gas industry works to find its footing in the wake of the coronavirus pandemic it now faces a world transformed, with new risks stemming from Russia’s war in Ukraine and brewing global economic headwinds. In their third quarter earnings, oil industry executives appeared to diverge on their outlooks for the sector. Upstream players, hamstrung by capacity constraints, are maintaining capital discipline in the face of broad uncertainties, while the downstream side of the industry is eyeing ever bullish demand outlooks.

Oil editors Chris van Moessner, Starr Spencer, Janet McGurty and Lassana Fisiru sat down to recap the emerging themes and outlooks following S&P Global's coverage of the industry’s third-quarter earnings.

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