US majors and upstream firms are eying growth after two fallow years. In doing so they are further intensifying their focus on domestic, rather than overseas, opportunities. The Mena region barely gets a look in. Short-term this approach no doubt represents good value. Long-term they are missing a trick.

Chevron, the second US major alongside ExxonMobil, sees itself as an integrated international company. You wouldn’t know it from the firm’s Q3 results.

Not only does its Mena...