Chevron slashed its R&D to $268 million last year from $435 million in 2020. On Monday, Chevron Corp (CVX.N) agreed to pay $7.6 billion in stock and acquired debt for smaller rival PDC Energy Inc (PDCE.O), a move that will add 10% to its oil and gas reserves. Producers are turning to acquisitions to expand future production. "I don’t see any other transformative technology at this time that is really going to change the global market." "The technology interests are in new frontiers of geothermal and hydrogen, and biofuels," said Daniel Yergin, a Pulitzer Prize-winning oil historian and vice chairperson of S&P Global (SPGI.N). That leaves less money for developing the tricks that could turn secondary properties into big producers. Oil service firms, also paying down debt and shareholders, are shifting investments to less-polluting electric drilling rigs and fracking equipment, and technology like carbon-sequestration. The best shale sites have been drilled and executives and analysts worry there is not enough high-quality inventory to last another decade. The lack of investment has oil growth slowing as some of the most productive areas tap out. Output gains, however, have dwindled as tight-fisted producers spend only enough to maintain output amid rising costs, while favoring giving cash to shareholders as dividends and stock buybacks. oil production to the world's highest in 2018, and boosted its shale production to over 8 million barrels per day last year, from 2.6 million bpd a decade earlier. Inventions, such as directional drilling and hydraulic fracking, spurred U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap. Their 'shadow' looms large on the behaviour many experience every day in organisations.May 25 (Reuters) - Shale technology advances that propelled the U.S. People may not be hurling bottles or standing toe-to-toe yelling yet corporate leaders set the standard and tone that others will follow. Sadly, unacceptable incidents, similar in nature to this sporting event, but perhaps a little more sophisticated in manner and far less visible to the public eye, play out all too often in corporate corridors. I'm privileged to be able to work with many exemplary leaders who, in the face of adversity, hold up the mirror to look deeply within themselves and choose constructive behaviours, even when all seems doomed. Graham wasn't in the stands directing those spectators to vent their anger by hurling bottles, yet the 'shadow' of his behaviour on the field was now deeply ingrained on the minds of those spectators. A small number of spectators, who witnessed first-hand Graham's conduct, chose to throw bottles at the officials as they left the field.Ī very wise client of mine recently defined leadership as 'what happens when you aren't in the room'. Do we want a leader of a sporting team, or for that matter a leader of any organisation, behaving in this manner?īut the 'shadow' Graham's chosen behaviour was casting wasn't confined to the playing field. Argument over whether the referee's decision was right or wrong loses the point. Graham's immediate 'shadow' envelops his team member, David Klemmer, who joins in the tirade toward the referee. Graham's choice of response to a controversial referring decision is aptly captured in the above photograph, I don’t need to provide the details, it is all there in that one frame. During the final moments of the NRL grand final rematch between the Rabbitohs and the Bulldogs last Friday, many unfortunately witnessed the 'shadow' cast by James Graham the on field leader (captain) of the Bulldogs.
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