US independents have largely given in to shareholder demands for capital discipline, but the capitulation is creating financial troubles that unnerve investors already disenchanted with upstream companies. The sector has come a long way from the late 2017 backlash by investors angered by producers’ capital destruction, most analysts will say (OD Jul.9’19). The early shale boom featured producers that routinely blew through their budgets and spent an average 120% of planned annual capex.
展开▼
