AspenTech CEO Antonio Petria discussed the company’s commitment to integrating artificial intelligence into its products to enhance efficiency and sustainability in the oil, gas, refining, and chemical sectors, emphasizing the importance of trusted AI systems in complex environments. He also addressed investor concerns regarding potential write-downs related to operations in Russia while highlighting AspenTech’s significant value creation for global refining customers and its dual focus on reducing emissions and driving economic growth.
In a recent interview, AspenTech CEO Antonio Petria discussed the company’s focus on driving efficiencies and improving sustainability within the oil, gas, refining, and chemical sectors. He emphasized that businesses are increasingly prioritizing digitalization and technology, particularly artificial intelligence (AI), as they navigate the energy transition. This shift is prompting a greater interest in AI capabilities that enhance the accuracy and predictability of AspenTech’s products.
Petria addressed concerns about the potential overhyping of AI spending, noting that AspenTech has been involved with AI for over two decades. He explained that the company’s approach to AI is not about standalone applications but rather about integrating AI capabilities into existing products to improve their performance. He highlighted the importance of having robust and trusted AI systems, especially when deployed in complex operational environments.
The CEO also acknowledged the company’s long history, having been founded in 1981 at MIT, and pointed out that AspenTech is seen as a viable option for investors looking to capitalize on the AI boom. Despite recent share price increases, some analysts have expressed concerns regarding potential write-downs related to the company’s operations in Russia. Petria addressed these concerns by discussing the company’s strategic moves and transformations in response to economic uncertainties.
He mentioned that AspenTech has successfully integrated new businesses focused on utilities and subsurface simulation for oil and gas exploration, positioning the company for growth despite the challenges posed by the Russian market. Petria expressed optimism about executing the company’s go-to-market strategy and leveraging its technologies to meet customer needs.
Finally, he highlighted the significant value AspenTech creates for its global refining customers, estimating an annual incremental value of $22 billion while also contributing to a reduction in emissions by approximately 16 million metric tons per year. This dual focus on efficiency and sustainability underscores AspenTech’s commitment to supporting its clients in navigating the complexities of the energy landscape.
