Highlights Majors stick to capital discipline Shale rebound supports output growth Signs of cost inflation appear London — Most Western oil majors were able to lift production volumes in the third quarter, which saw higher oil prices flood balance sheets with cash and raise confidence over a new wave of upstream spending. Receive daily email alerts, subscriber notes & personalize your experience. Register Now During the quarter, oil majors wowed investors with sharply higher earnings and flagged stronger free cash flow generation as hard-earned efficiency gains and cost deflation continued to pay off. But signs of any near-term return to plowing excess cash into new upstream projects have yet to materialize. Upstream volume growth was mixed across the oil majors during the quarter with standouts Chevron and Total leading the pack. Chevron increased its US Permian shale basin production by 150,000 boe/d in the quarter, or 80% year on […]