For the world’s largest oil explorers, it’s a time of transition.
Crude prices are on the rise as OPEC curbs production for a second year. New efficiencies have dropped the cost of drilling in America’s fertile shale basins, pushing US drillers to record output. Investors are insisting on higher returns. And companies are dealing with changing US tax rules.
The first hints showing how Big Oil -- an elite clique of companies so massive their combined annual sales dwarfs the economies of all but 15 of the world’s nations -- is preparing to deal with these changes will come in fourth-quarter earnings
