U.S. shale companies are moving quickly to ax their budgets, hoping to staunch the bleeding as the oil market continues to melt down. It has only been a few days after the OPEC+ debacle, but with oil trading at around $30 per barrel, and with good odds of falling even lower, the entire energy industry has little option but to make deep cuts to their operations. “Most companies will go into maintenance mode,” Pioneer Natural Resources CEO Scott Sheffield told Bloomberg . Companies will cut down to the bone, hoping to merely keep production from falling. Almost no shale well drilled today makes any money. According to Morgan Stanley, the industry needs $51 per barrel just to fund their capex budgets this year, let alone pay off debt or send money to shareholders. Needless to say, WTI is a long way from $51. That means spending will have to […]