"Oil majors trapped in cycle of spending more but finding less": FT.

FT: :For the oil majors, quarterly results were once a ticker-tape parade. Last week, they were more like a walk of shame.”  “Increasingly, investors are ditching them for smaller, more nimble rivals, especially those in the vanguard of North American shale.
Dan Pickering, co-president of Tudor Pickering Holt & Co: “It’s a real challenge for them to grow volumes, despite the strong oil price,” says  “The independents are growing 30 per cent a year and the majors are struggling to stay flat.”
….While it was a downbeat quarter for the majors, things looked much rosier for the midsized independents, which are riding high on a wave of shale oil success.
….the capex increase is unsettling shareholders. Growth investors long ago abandoned the majors, dismayed by their seeming inability to increase production. But the sector is still popular with income investors who like the steady dividend flow. Any threat to that is a matter of acute concern for them.”