Hoisting the shale

摘要

The majors are funnelling a cash fow bonanza from surging oil and gas prices towards bolstering shareholder returns rather than chasing production growth as in the past. But plans by ExxonMobil and Chevron to boost Permian shale output are out of kilter with those of leading independent producers in the basin, and risk driving a new output surge that puts shale in Opec’s crosshairs again.