Poor results for Big Oil causes concern among investors - and places pressure on the oil majors.
Chesapeake Energy's financial woes suggest the shale revolution is running on fumes.
Oil majors continue to ratchet up activity in U.S. shale, even as other producers cut back.
The poor performance in the first three months of the year has not put a dent in confidence among top oil executives who see stronger profits later this year and next, although plenty of uncertainty remains.
The oil majors have reported their best financial results in years, but they still face a litany of risks both in the near-term and in the years ahead.
The Eastern Mediterranean has already become a significant source of natural gas production, but fully developing the region’s gas reserves, as well as finding ways to move that gas to market, has been extremely challenging.
Fourth-quarter earnings significantly missed expectations, but they do not necessarily negate the broader improving trend for the oil majors.
The oil majors are expected to post $80 billion in organic free cash flow in 2018, but spending is expected to be modest.
The oil majors are posting their best quarterly figures in years, an indication that they are adapting to the new price environment. After several years of spending cuts and rising debt, the largest integrated oil companies have turned a corner.
The glut of supply could last years, threatening to keep prices low until the 2020s, but the oil majors are playing the long game, expecting the demand for gas to grow substantially over time.