David Cherechinsky on energy demand
From David Cherechinsky, President & CEO of DistributionNOW, joins NYSE Floor Talk · · New York Stock Exchange
“We see energy demand only growing over time. Oil and gas energy demand may peak at some time in the future, so we're focused on pursuing an energy transition but we're kind of in a dominant position in oil and gas distribution.”
On , David Cherechinsky, Chief Executive Officer, President & Director at DNOW INC, spoke about energy demand during David Cherechinsky, President & CEO of DistributionNOW, joins NYSE Floor Talk on New York Stock Exchange.
About David Cherechinsky
David Cherechinsky, President and CEO of DistributionNOW, said in a September 2023 interview that the company has shifted from being a "one-stop shop" to focusing on areas where it is strongest and where customers see value, such as supply chain management. He stated that the company operates 170 locations, with about 60 outside the United States, and that its size allows it to provide products even during supply chain disruptions. Cherechinsky described the company as being at "peak earnings" in its nine-year public history and noted it had made about four acquisitions in the prior five months and initiated a share buyback program that was about halfway complete. Cherechinsky characterized the energy transition as an "energy evolution" that will take time, and said DistributionNOW is focused on providing lower-emission products to existing oil and gas customers, who he described as likely major investors in carbon capture and direct air capture. He mentioned the company had recently acquired a firm focused on emission reduction. Cherechinsky also said the U.S. and Canadian markets are stabilizing, while international markets are beginning to grow due to energy security concerns in Europe, and that the company is adding sales staff and working with customers to pursue growth outside its core end-market focus.