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The Big Cracks in Shale's Resilience

A closer look at costs confirms E&P firms should really thank OPEC right now.

Everybody loves an underdog.

America's independent exploration and production companies, exploiting shale, have outmaneuvered Big Oil in reversing a decline in U.S. oil and gas output. They have also innovated their way to surviving the onslaught of low oil prices unleashed by OPEC.