Energy & Infrastructure Insight - Issue 4

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S H E A R M A N & S T E R L I N G L L P | 4 7 CONCLUSION The timing necessary to achieve a meaningful, global carbon phaseout is important not only for the impact on Earth's climate but also for the impact on what types of and how much future oil and gas development makes economic sense. For some, 2020 may be viewed as a welcome right-sizing of the US shale fervor of years past. Many US shale E&P companies that survived 2020 are now more efficient and cost effective and focused on finding and deploying even further technologies of efficiency, while addressing ESG concerns and pursuing "net-zero" emissions profiles. As commodity pricing continues to recover, the space left by some exiting traditional investors will surely be filled by new participants, whether by foreign investors or others. Meanwhile, US shale development's ability to throttle development up and down may provide opportunities for meeting demand cycles. R. Coleson Bruce P a r t n e r Houston/Austin T +1 512 647 1908 Jeremy Kennedy Partner Houston T +1 713 354 4895

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