US tight oil turning over a new leaf?
A shale sector that emphasised returns over production growth would be a win from both shareholders and oil markets
Returns, returns, returns. Shale executives echoed each other on the latest round of quarterly calls with investors, promising wary shareholders and analysts that they're ready to start putting returns over production growth. This isn't the first time investors have heard the refrain, though. As the oil price recovered from its early 2016 lows, shale companies made a similar pledge. The days of spending beyond their means to chase loss-making output growth, executives told investors, were over. Then the animal spirits took hold again. The shale industry has spent about 50% more than it has brought in this year, while production quickly ramped up. Only a few companies have squeaked out profit
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
