U.S. Shale Slashes Capex As Low Oil Prices Bite

Seven months into the OPEC production cut deal, oil prices are
not higher than they were at the end of last year, as the stubborn
global inventory overhang and rising U.S. output have been
offsetting price gains. Now, one week into second-quarter earnings
releases, U.S. shale drillers started announcing cuts in capital
budgets for this year, citing lower-for-longer oil prices. After a
booming drilling start to the year—encouraged by a short-lived oil
price rise—some U.S. producers are now trying to show anxious
investors that they will…

Seven months into the OPEC production cut deal, oil prices are
not higher than they were at the end of last year, as the stubborn
global inventory overhang and rising U.S. output have been
offsetting price gains. Now, one week into second-quarter earnings
releases, U.S. shale drillers started announcing cuts in capital
budgets for this year, citing lower-for-longer oil prices. After a
booming drilling start to the year—encouraged by a short-lived oil
price rise—some U.S. producers are now trying to show anxious
investors that they will…