Shell has spent the last three years reinventing itself for the energy future it sees in the coming decades. A few years back, Shell was a company struggling to find its footing. Exploration success was declining, as was daily liquids production. From the graph below you can see that the lack of success in exploration was starting to equate to reduced production. An oil company’s life can be measured in production, and they were not replacing the oil being produced. (Click to enlarge) Source: Shell Website, chart by author As can be seen at the right side of the chart that in 2016 something critical changed to reverse the downward trend. A reversal that continues through to present day, even after an intensive non-core asset divesture program where it has shed over twenty-billion dollars in producing assets. What changed in 2016 was the acquisition of natural gas rich, and […]