FT: Checkmate for cheap unconventional gas.
“Essentially, the shale gas boom of the past decade turned a set of engineering advances into a property bubble, in which investors were selling development rights to each other, intermediated by the exploration and production companies. The E&P promoters were spending multiples of their operating cash flow on buying properties and drilling them to show more production, then selling more stock and more debt, etc. Eventually, the promoters could not pedal fast enough.” Good article.
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