You can obviously make money from shale…

From the Conoco Phillips Q3 2018 results today… a $600m turnaround in the Lower 48 (shale) on this time last year… and yes CP is investing more in Lower 48 than earnings… mainly I suspect because the return on capital looks so good…

COP dates

CP Capex Q3 2018.png

It is quite amazing you can see an article titled this:

Red Flags on U.S. Fracking Disappointing Financial Performance Continues

And then get a table like this:

FCF Shale.png

My views on this here…With the onshore rig count near an all time it actually looks like good financial performance is encouraging even greater investment… something the offshore community should understand well.

#capitaldeepening #productivity

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