US upstream independents,usually among the oil industry’s most aggres-sive growth companies,are focusing more on asset management than volume gains,testing whether their shale projects can quickly replace output lost through divestments. First-quarter output at three of the four largest independents fell from a year earlier(WPA,16 May,p2).The top four lost a combined 130,000 b/d of oil equivalent(boe/d)of production, more than 3pc of their output,as an increase at Anadarko Petroleum was more than offset by declines at Cono-coPhillips,Apache and Occidental Petroleum(Oxy).
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