Scaling up

摘要

A step change is taking place in the US shale oil sector. ExxonMobil and Chevron plantomorethandoubletheirPermianbasinoutputoverthenextfveyears, signalling that the next major development phase in the US shale sector is likely to be led by the oil majors. Their presence brings economies of scale and integrationthatshouldhelpofsetslowinggrowthfromsomeofthelarger independentfrmsandmakethesectorlesssensitivetotheoilprice.