Shale drillers — some of them just emerging from bankruptcy — racked up a staggering $42 billion in new debt in the first half of the year. It’s not what you think. America’s oil explorers aren’t repeating the costly mistakes that landed them in hot water with investors, left them almost entirely shut out of debt markets and forced hundreds of them into insolvency over the course of five years. They’re holding the line on production, boosting investor returns and are now attracting the lowest bond yields they’ve ever seen. And instead of using their newly found cheap credit to boom once again, they’re using it to retire costlier debt. It’s true enough that borrowing costs have plunged across all industries as central […]