Good article that clearly shows why COP are focusing on shale...

Good article that clearly shows why COP are focusing on shale oil
Predominately going forward. Technological advances and lower break even points which I'm sure will only get lower going forward.

Much Less capital intensive than deep water and easier to put on hold in low price environments for companies that aren't buried in debt. Shale oil sounds like it could become the new cash cow for oilers with good acreage.

Shale however won't come close to covering all the worlds future demands or even the worlds current demands and large deep water assets, especially large low cost deep water assets and new oil provinces will attract a premium going forward. Especially over the next few years with the thoughts of this downturn still fresh in investors minds.