Houston Chronicle by Liam Denning June 11, 2019
In a commodity business, cost is king. The efficient producer ultimately wins more business and more investment — and that is as true for countries as it is for companies.
Similarly, North America has become a magnet for investment, with even such former globetrotters as Chevron Corp. and Exxon Mobil Corp. rediscovering an affinity for home. In parallel, Schlumberger, a bellwether for upstream spending beyond the U.S., trades around levels reached in the depths of the financial crisis, despite the fact that we are now about three years into a recovery in oil prices.
Oil and gas companies are working, with varying degrees of success, to redefine themselves in the face of this, with a particular focus on keeping costs down. One of those costs is largely out of their hands, except in the sense that they get to choose where they drill: taxation.
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