The early impact of the shale revolution may now be well understood. With the evolution of hydraulic fracturing, extracting unconventional gas first became economical in the late 1990s, with the US leading the innovation.
Less understood are the global implications of the unconventional shale boom. Several countries, China the most notable, hold significant shale potential, but most are still years away from the time, technology and policy needed to unlock shale's potential. We explore the countries and regions that could reap shale’s returns in coming years.
Considerable reverberations exist throughout the supply chain. From the infrastructure build needed to foster the movement to chemical companies for which natural gas is a key input, the implications of the shale revolution are great and deeply explored in this report.
This report leverages the expertise of over 40 research strategists and analysts and paints a clear geographic and sector picture of the shale phenomenon, uncovering significant investment opportunities globally.
Shale Revolution II (176 pages, Oct 2013)
We see shale's significance as only more compelling and, importantly, more investable. In this Connections Series report, we draw on the insights of over 50 global equity analysts, economists and strategists to revisit the key investment theme of the shale revolution and chart new developments.
We believe the story is still in its early stages and presents end markets that display a secular growth quality. Oil and gas production in the US has continued to surpass expectations and the path to energy self-sufficiency has shortened. The global potential for shale is as yet untapped. A debate over the structural outlook for energy prices will continue: gas is our immediate focus.
New themes we explore in the report include: the global consequence of LNG export approvals; cost pressures building around the shale-related capex boom; frac-safety issues; the impact on US macro numbers such as trade; and US profit margins which have leapt vs the rest of the world - can the gap close?
We have built a universe of around 300 companies touched by shale, building the “effective” global supply chain at work. Credit Suisse’s PEERs supply chain tool allows us to look for lateral investment opportunities and competitiveness risks. There are plenty of both.
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