The obvious lesson is that supermajors are best positioned to lead the energy sector's exploration for hard-to-get oil shale, methane hydrates, and other exotic hydrocarbons. They can afford to spend the dough needed to stick straws into the ground in the world's remote backwaters. The less obvious news is that junior oil and gas developers and explorers won't look attractive as acquisition targets unless their costs of production are affordable, i.e. among the bottom 25% of the world's cost curve.
I continue to be amused by claims from junior explorers that they can explore and develop properties in politically unstable countries with uncertain geological confirmation. There is precious little easy money to be made in petroleum. Buyer beware.
Full disclosure: No position in CVX at this time.