Economics/Class Relations

The First Shale Revolution: Humble Beginnings

by Peter Zeihan on October 18, 2023

With ExxonMobil’s acquisition of Pioneer, it’s time to kiss the days of mom-and-pop shale operations goodbye. But before we look at what’s next, let’s look at the shale journey over the last two decades.

Thanks to high oil prices in the early aughts, small shale operations could innovate and develop new techniques for extracting that black gold. Once the US was close to achieving energy independence, super majors caught a whiff of the money and started buying up those smaller producers.

This recent acquisition signals the end of an era as the super majors now dominate shale production. So what does that mean for US shale? While there will be less innovation and slower production growth, ExxonMobil will provide more stability to the industry.

But that’s only the beginning of this story…we’ll be breaking down the second shale revolution tomorrow.

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The First Shale Revolution: Humble Beginnings || Peter Zeihan

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