Fundamental Research

Two years ago, in Shale’s Golden Years, we argued that consolidation in US E&P was driven by a growing concern over the aging of shale. That white paper left one question unanswered. When engineering gains and resource deterioration pull in opposite directions, which force wins? Shale’s Golden Years, Part II explores that question with two additional years of data and finds that the answer now differs between oil and gas. We examine what’s driving that divergence, and what it means for investors, in the white paper.