If Big Oil is going through an existential crisis, someone forgot to tell Ryan Lance.

On Oct. 19, ConocoPhillips Co., the company Lance runs, announced its plan to buy Concho Resources Inc., a big shale oil producer, in an all-equity deal worth $13.3 billion.

It was the biggest shale-focused transaction since the crude price crash hit the American oil sector, causing widespread bankruptcies and job losses, and reversing years of stunning production growth.

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