All the big integrated Energy guys and all the big miners have found Jesus over the last year. Asset/reserve growth is out, ROIC is in. Slower Chinese growth is the leading cause but many have simply paid too much (US shale). This has obviously been a significant hit to economic growth in many if not most emerging markets. My question this morning is whether the 2nd order impact on developed economies may be meaningful as well. Part and parcel of a trend of paltry investment in general across many industries in DMs?
Shell Sets Plan to Boost Returns - WSJ.com