US unconventional exploration creates value, just not for everyone
Of industry's 33 global exploration leaders, just 17 implement a US unconventional onshore exploration programme. Combined, these companies' exploration efforts have created a net value of US$15.7 billion. However, individual companies fair very differently. Our work shows that only six of the 17 companies actually created any value at all. Value creation may be elusive, but if companies spend the money then reserves will be added. And this group of 17 companies has spent a mammoth...