Oil Producers Curb Megaproject Ambitions to Focus on U.S. Shale
- Rising complexity making biggest crude developments harder
- Failure rates soaring when companies can least afford it
What to Watch for in Exxon, Chevron Results
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Big U.S. oil companies are starting to think small.
A stubborn 16-month crude rout with no end in sight is driving the largest U.S. oil producers away from costly, high-risk megaprojects long touted as the industry’s future and toward safer shale operations that generate the cash needed to satisfy anxious investors.