Where will capital be deployed as the Lower 48 moves further down the cost stack? Which operators are best positioned to take advantage of the move into the middle of the supply curve? And how will rising service costs impact available supply? We have updated our comprehensive breakeven analysis of more than 800 oil & gas assets in Wood Mackenzie's Lower 48 coverage to answer the new questions on the minds of operators and investors. Based off our proprietary Global Economic Model ('GEM'), this detailed data set and analysis goes across plays and operators to benchmark performance, demonstrate exposure to low prices and provide a look at what the future may hold in a rising cost environment.