Aside from the price of their main output, there is one thing that matters for the biggest oil and gas producers: Are the cuts enough? The answer from Moody’s, which last week downgraded the credit ratings of Total and Royal Dutch Shell , appears to be no. Despite cuts to operating costs and investment, both face years of negative free cash flow before asset sales, the credit-rating company said. The downgrades weren’t a surprise – and Moody’s has taken a more benevolent view than rating peers of a sector that, with oil hovering around $40 a barrel , remains under serious pressure. But who is cutting and how much remains a key concern as first-quarter results approach. It seems likely both Total and Shell have more to do. Morgan Stanley says Shell appears to have lagged the improvements in production per employee, one measure of efficiency, at rivals last […]