As the industry is forced to deal with
relatively greater capital scarcity, it has to
concentrate harder on generating a return on
that capital for shareholders.
One way of thinking about this is a move from a world where
lots of capital is chasing relatively few resources,
to one where the reverse is true.
As a result, the
largest companies may be successful
investments in the new energy world because
the downside risks to their current asset base is
not as signifcant.