Supermajors are getting into shale plays in a big way. With the recent announcements of the Exxon/XTO acquisition and the Total/Chesapeake joint venture, “Big Oil” has emerged as the latest, and perhaps most influential, player in “Big Shale.”

No one can deny that the successful development of the Big Shales over the past decade has permanently changed the nature of the North American natural gas industry, but the capital intensity of the full-cycle development of the resource has tested the balance sheets of even the most successful independents.  

Enter ...