PXD - FAANG Valuations In The Shale Patch: The Fracking Darlings Are Still Expensive
One year ago we published a report where we dealt with the main independent US fracking companies and their business models. In the article, we concluded that given the poor track-record of most fracking operations, “from an investor's point of view, we think the shale revolution will prove to be a disaster”, but we concluded with an optimistic note for the rest of the world saying that “from a macroeconomic point of view, we strongly disagree with those who argue that the burst of the sector will have profound consequences for the global economy. First,