Four more E&P producers have joined the lineup of oil companies that are slashing 2020 capital budgets and cutting back activity, as oil prices hover at low levels not seen for years. Noble Energy, Ovintiv (formerly Encana), and small-cap E&Ps QEP Resources and Bonanza Creek all have sharply cut capex from 11% to as much as 60%, and QEP is even predicting cuts into 2021. Managements have been much more responsive to oil price signal and supply surge/demand shock than to OPEC’s supply surge declaration in November 2014, when the cartel decided not to cut production amid falling oil prices in an effort to force shale […]