As oil rebounded last year, it seemed that the U.S. shale patch had found religion—the worship of cash flow. That would have been both bullish for oil prices and, in the long run, good for investors in those companies.
The brief era of discipline by drillers is over. Analysts at Raymond James surveyed about 150 industry representatives last week at the North American Prospects Expo, a large industry gathering. Only 9% predicted that U.S. exploration and production companies would “live within cash flows” with crude at $60... Nguồn: www.wsj.com