The very nature of shale wells, which exhibit high decline rates, results in the need to constantly allocate capital towards exploration drilling in order to maintain and grow production volumes. As a result, the average Capex spending of the 35 companies analysed to serve as a guide to the industry has amounted to a staggering $50 per barrel of oil equivalent (boe) over the last five years, at a time when their revenue per boe has averaged $51.5. | 
