Shale production is no longer new. North American shale producers have brought this enormous resource to the surface in quantities that have overwhelmed the market. Yet the sector has been struggling with multiple challenges, and sentiment has soured. What will be the legacy of shale? Will it be a small (and final) chapter in the long history of oil and gas? Or is this a disruption that signals the start of the next phase? How does shale stack up against conventional assets in terms of performance and profitability? Will it be advantaged or disadvantaged in a world of environmental, social, and governance concerns? Why has shale resource development been so slow to take root outside North America? Is that changing? Can companies make shale work financially? What needs to happen for it to deliver consistent and strong returns?