The Shale Revolution transformed the U.S. oil and gas industry operationally and functionally in the late 2000s and early 2010s, but the most significant changes occurred years later. Through the middle and latter parts of the last decade, E&Ps continued to improve their drilling-and-completion techniques and significantly increased production as they gained experience. This production growth was enabled by — or driven by, depending on the perspective — midstream companies’ aggressive efforts to build out the pipelines, gas processing plants and other infrastructure required to handle higher production volumes and exports. More recently, capital market constraints, the Covid pandemic and a looming ESG narrative have propelled the industry into the next phase of its evolution, highlighted by fiscal discipline, which delivers improved shareholder returns through managed capital spending. But how long will this stage last — and what’s next? In today’s RBN blog, we examine the energy industry’s maturation and the differences between this transformation and those in other industries.
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A long decline in U.S. oil and gas production was stemmed and reversed about 15 years ago with the expanded — and increasingly successful — use of hydraulic fracturing, which opened up the source rock in shale to ease the release of trapped hydrocarbons (see Square One, Part 4). “Fracking” wasn’t new. Its roots can be traced back to 1865. But George Mitchell, the founder of Mitchell Energy & Development Corp. and patriarch of modern fracking, breathed new life into the industry by using hydraulic fracturing in the Barnett Shale, initially focusing on natural gas production. Later, the technique was used to spur crude oil production too.
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About the song
“Growin’ Up” was written by Bruce Springsteen and appears as the second song on side one of Springsteen’s debut studio album, Greetings from Asbury Park, N.J. The lyrics of the song focus on the struggles of a rebellious adolescent growing into adulthood. Personnel on the record were: Bruce Springsteen (vocals, acoustic guitar), Garry Tallent (bass), David Sancious (piano), and Vini “Mad Dog” Lopez (drums).
Greetings from Asbury Park, N.J. was recorded between June-October 1972 at 914 Sound Studios in Blauvelt, New York. Produced by Mike Appel and Jim Cretecos, the album was released in January 1973. It went to #60 on the Billboard 200 Albums chart and has been certified 2x Platinum by the Recording Industry Association of America. Two singles were released from the LP.
Bruce Springsteen is an American rock singer, songwriter and musician. Nicknamed “The Boss,” he is known for his song lyrics and high-energy concerts, some that have lasted over four hours. He has released 21 studio albums, 23 live albums, eight compilation albums, one soundtrack album, seven EPs, and 77 singles, most of which feature his E Street Band. He has sold more than 140 million records worldwide. He has won one Academy Award, two Golden Globes, 20 Grammy Awards, and is a member of the Rock and Roll Hall of Fame and Songwriters Hall of Fame. He has received Kennedy Center Honors, the Presidential Medal of Freedom, and the National Medal of Arts. Springsteen continues to record and tour and begins an extensive international tour with his E Street Band starting April 28 in Barcelona.
