The 2022 APPEA conference was held in Brisbane from May 16 to 19th, with a theme of Positive Energy for a Changing World. Our key takeaways were: 1. A muted mood – it didn’t feel like the industry was enjoying US$100/bbl oil, record gas pricing and robust short-term demand. A looming general election was unnerving the sector, and there was also caution around being perceived as profiting from global crises. 2. A grim outlook for gas/upstream financing – both large and small-caps seem concerned that attracting finance from traditional Australian sources was getting harder and could dry up entirely in just a few years. 3. The industry must work much harder at gas advocacy. Energy security is front of mind given events in Ukraine, and Australia has not been immune from the supply-side energy crises that have rocked global markets. While support for gas as the bridging fuel remains strong, it feels as if support for gas developments is ebbing.