U.S. shale oil producers, whose weak returns in recent years had them out of favor with investors even before the coronavirus pandemic crushed oil prices and decimated production, are expected to post their worst second-quarter results since 2016. Oil is down about 35% since January as fuel demand tumbled during economic lockdowns. Results include a modern nadir for crude with U.S. prices averaging less than $17 per barrel in April. “No one expects the second quarter to be anything but bizarre,” said Bob Watson, chief executive of Abraxas Petroleum Corp ( AXAS.O ), which produces in two shale basins. It got through the quarter thanks to hedges that locked in higher prices, said Watson. U.S. shale is set to report the worst operating results, excluding impairments, since the last oil bust in 2016, according to a Reuters analysis of financial data from 10 top producers […]