The Globe and Mail reports in its Thursday, Feb. 15, edition that oil majors are targeting new oil fields that can be profitable even if oil prices fall to about $30 (U.S.) a barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry's future. A Reuters dispatch to The Globe reports that despite recent high earnings, investors have shunned oil stocks. Even Saudi Aramco has decided to cut costs. This is because over the past decade, there have been deeper and more frequent boom-cycles, and executives believe that current high prices may not last. As a result, the focus has shifted to fields with favourable break-even points. Wood Mackenzie director Alex Beeker says, "After three major oil price crashes in 15 years, there is wide acceptance that another one is likely to happen." Executives in the oil industry prioritize buying lower-cost crude production and maintaining flexibility in adjusting their output in response to price swings, driven by uncertainty and investor demands for returns. In fact, Exxon Mobil and Chevron spent more on payouts to shareholders than on new oil projects in the previous year, indicating the industry's efforts to regain investor confidence.