Aging infrastructure has become a capital trap for oil and gas operators. The assets generating today’s cash flow are increasingly competing for investment against decarbonization initiatives, shareholder returns, and growth opportunities. 

The pressures are intensifying as upstream investments moderate, and uncertainties increase in long-term demand. At the same time, expanding LNG capacity, emerging CO2 and hydrogen infrastructure markets, and evolving carbon policies are changing the valuation process of existing assets. Once viewed purely as an operating asset, infrastructure now represents a repurposing opportunity, while other facilities are exposed to declining utilization and increasing risk of economic obsolescence. 

Also, demand growth is slowing markedly toward 2030, and upstream capital budgets are contracting with it. Global upstream oil investment turned downward in 2025 for the first time since the pandemic years. A wave of new LNG capacity is arriving just as long-term demand visibility deteriorates, putting legacy liquefaction, regasification, and midstream assets on a spectrum from strategic to stranded. At the same time, repurposing markets for CO2 and hydrogen transport are turning some end-of-life infrastructure into an asset class of its own.

We help operators and infrastructure investors manage aging assets as four distinct portfolios: run-hard, refurbish, repurpose, and monetize, with integrity spend allocated by consequence rather than calendar, replacement decisions tested on full lifecycle emissions, and monetization structured before distress prices it. Our asset-strategy work spans 35+ engagements across upstream, midstream, and downstream. Clients applying our portfolio framework have cut integrity spend per operating asset by 10-15% while identifying repurposing or monetization candidates across their midstream footprint.