The Texas-based supermajor is believed to be pursuing a counter-cyclical strategy despite findings that suggest “a mature industry in decline,” a recent report says.
M&A and capital raising value in the upstream fell by 50% from the previous quarter’s $126.8 billion, totaling $63.4 billion, according to a recent report.
Many oil and gas companies, particularly the majors, have publicized their efforts to be good stewards of the environment, particularly on climate change.
The U.S. shale industry has undergone a tortuous time of restructuring since the commodity price downturn that began in late 2014. A number of players have gone under, while the sector as a whole has had to severely alter the financial strategies that have long characterized the business, particularly the tendency to outspend cash flow.
Recent analysis from Rystad Energy shows the main driver of oil and gas employment is shifting from shale to offshore.