well XOM is an independent company too ....
OK then, so compare XOM (the largest independent major (but not by production though) to say EOG the largest independent shale.
First thing though, to get from apples to oranges (conventional oil vs shale), you would have to remove shale out of XOM financials, which wont be that easy. To get started ... from XOM
Simply to illustrate that shale (and Guyana) is a major part of XOM success. Facts speak for themselves.
EOG the largest shale provided reported Q3'19 Net Income of $615M and Net cash operating activities Q3'19 $2.1B. Q4'19 shortly forthcoming. More NI & FCF will be reported.
The point is there are PoS small shale focused companies that aren't successful just like there are small PoS small non-shale companies that aren't successful. Oil at $27 wouldn't just "kill shale" it would put OEL down in a hole so deep it would never see the light of day again, along with most OSD just about everywhere, along with service & engineering companies (lest we forget, McDermott International went into C11 last week).
"Brent will go up over $90 and stay there for a minimum of three years" ...
will that kill shale? No. It would encourage accelerated drilling (again)
will that kill OSD? No. It might even get capital going back into exploration
yada yada.
OEL has plenty of its own problems
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an interesting analysis, page-3
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