Tight oil will attract similar levels of investment to deepwater out to 2025 for the companies in CBT. It will also deliver more production than LNG as output for our coverage universe grows at 7% per annum over the next ten years. EOG, Chevron and ConocoPhillips rank as the biggest spenders over the next ten years, paving the way for strong growth. Cash flow generation is also rising yet will still fall well short of other resource themes, even in 2025. The spread of value is dominated by the US Independents with top spots held by EOG, ConocoPhillips, Pioneer and Anadarko. But the Majors are still underweight to this resource theme: tight oil accounting for just 3% of their overall upstream value.