The lack of growth in shale production, currently inching higher but primarily from DUC- Drilled but Uncompleted wells, has been largely attributed to capital discipline. Shale companies have spoken almost in unison that the higher prices now being seen would not be enough to deter them from the balance sheet repair and shareholder returns strategy in lieu of growth that many embarked upon a year and a half ago. A factor that has not been widely reported is the level of hedging losses that are stripping away much of the upside presented by the…
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