Mentions of AI decreased by 61% in the oil & gas industry in Q4 2022

The global oil and gas industry experienced a 61% drop in company filings mentions of AI in Q4 2022 compared with the previous quarter. Despite this, Devon Energy saw the highgest proportionate increase, according to GlobalData’s analysis of over 96 oil and gas company filings. 

Notably, AI was one of the most frequently referenced themes in Q4 2022, ranking highest in terms of mentions, ahead of environment and internet of things, according to GlobalData. 

Of the 50 leading companies in the oil and gas industry, Devon Energy had the greatest increase in references for artificial intelligence in Q4 2022, compared with the previous quarter. GlobalData identified three AI-related sentences in the company's filings - 3% of all sentences - and an increase of 100% in Q4 2022 compared with Q2 2022. 

For four companies – Baker Hughes, Halliburton’s, Reliance and Tourmaline Oil – their mentions of AI rose in exactly the same manner, from zero to one.

GlobalData’s Company Filings Analytics also applies sentiment weight to reference sentences, based on whether the sentences are positive, negative or neutral. Starting at 100 in 2020, an index over 100 is more positive. The overall index for AI in Q4 2022 was 98.