"HOUSTON — For decades, elected leaders and corporate executives have chased a dream of independence from unstable or unfriendly foreign oil producers. Mission accomplished: Oil companies are producing record amounts of crude oil and natural gas in the United States and have become major exporters.

Yet the companies themselves are finding little to love about this seeming bonanza. With a global glut driving down prices, many are losing money and are staying afloat by selling assets and taking on debt.

The value of oil and gas stocks as a proportion of the S&P 500 over the last six years has dropped to about 4.6 percent, from 8.7 percent."

Clifford Krauss reports for the New York Times June 30, 2019. [2]