Unlike in the previous downturn in 2015-2016, U.S. shale producers are exiting the 2020 oil price and demand collapse with their promises intact to rein in production growth and return more cash to increasingly demanding shareholders. The first-quarter earnings and conference calls highlighted a previously unheard-of restraint from public shale firms. Listed producers generated record cash flows, but they are not reinvesting most of those back to drilling. Instead, shale operators are now channeling cash flow toward reducing debts and rewarding shareholders. Despite the first-quarter rally of over 20 percent in oil prices, U.S. shale did not break the promises to keep a lid on production and prioritize returns. While analysts are not surprised that this time—unlike in any other time in recent history—American producers refrained from raising production, some industry observers question how long this restraint will last. Most analysts believe this would be a theme through at […]