A new breed of energy company is a hit with investors using a mantra long scorned in the oil-and-gas business: Small is beautiful. When the U.S. energy boom began almost a decade ago, the companies leading the way believed bigger was better. They amassed huge land holdings so they could drill thousands of wells—and then struggled as the freed through hydraulic fracturing pushed down prices. Like their bigger rivals, the upstarts frack to tap previously untouchable oil and gas deposits in dense shale formations. But these companies have focused on the right property instead of the most property—and raked in big stock paydays as a result. For the most part, neither the less-is-more upstarts, nor the bigger-is-better graybeards are bringing in more than they spend to drill and frack. The difference is that Wall Street no longer is throwing cash at established shale players holding loads of acreage. “It’s […]