Among majors, US giants ExxonMobil and Chevron were the star performers of the recent results season. And their star assets, at least as far as E&P is concerned, were in US shale.
Whilst Chevron has long been the key major in the sector, Exxon’s January $5.6bn purchase of key Permian acreage attracted mixed reviews: late-to-the-party, had it overpaid at the top of the market? The consensus now is that Exxon made a smart move. Both firms, along with US mini-majors ConocoPhillips and Occidental, see US shale as the core of their upstream portfolio. The sector has attracted the lions’ share of their stretched 2017 exploration budgets and this is set to remain the case for years to come. (CONTINUED - 1737 WORDS)
