What are independent oil and gas companies?
I saw a feature on energy companies by Bloomberg.com and the term 'independent oil and gas company' was mentioned. I've heard the term used as lot, but never really thought about the definition and meaning.
I could probably list quite a few independents and think that this term usually applies to exploration and production companies. (EG: Hess Corp, Occidental Petroleum, Suncor Energy, Apache Corp, Encana, Talisman Energy, Canadian Natural Resources etc).
Now, as companies have diversified into renewables, and in some cases midstream and downstream activities, would they still be independent?
Can an independent also be a major? Is there a formal definition, perhaps with cut offs in size? A mom and pop wildcatter would be independent right? The more that I think about this topics, the more questions pop into my head. This seems like a good topic for the community to chew on a little.