When the energy crisis hit a nadir two years ago, highly indebted oil and gas companies quickly changed their playbook, adopting stricter cost discipline, cutting back on expensive drilling programs and vowing to return more cash to shareholders in the form of dividends and buybacks. Many energy companies are still reluctant to go back to their trigger-happy exploration and drilling days despite high oil and gas prices and record profits, and have mainly been falling back on their dwindling stocks of drilled but uncompleted wells…
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