So far, shale explorers are passing the test. (Bloomberg) — So far, shale explorers are passing the test. The industry, much maligned by investors for excessive spending without returns to show for it, has managed to resist a 22% run-up in oil prices during the first three months of this year, holding output almost flat. A round-up of data on the drillers shows expectations for record free cash flow and signs that the industry is starting to pay its way. There are also indications of a delicate balance between workers finally returning to the fields, while drilling ramps up at a more moderate pace. “We emerge from earnings season with continued confidence in a disciplined response from covered E&Ps to higher commodity prices,” Goldman Sachs Group Inc. analysts including Neil Mehta wrote Monday in a note to investors. While one quarter of discipline may not be sufficient for explorers […]