XOP - No Debate Most Oil Shale Is Doomed

• Shale has huge competition to fill remaining oil demand.
• Zero cash takeovers for Permian producers is a very bad signal for the rest of the industry.
• Debt-laden shale companies simply cannot pay down debt at likely demand and prices - a last wave of bankruptcies and takeunders is coming.
• There might only be four or fewer independent U.S. oil and gas producers worth considering an investment in.
• I own puts on the SPDR Oil & Gas E&P ETF and three oil stocks because I expect retests of 52-week lows over the winter.

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