Key Takeaways From US Independent Earnings
Third quarter earnings wrapped up last week with some interesting and common themes. Shale gas companies are aiming for large capex reductions while keeping keep production flat. The situation is ugly but less dire for tight oil. Most tight oil companies are unofficially guiding towards modest capex reductions next year accompanied with modest production growth. The better positioned operators will also be able to deliver positive free cash flow to either pay down debt or return cash to shareholders. For more details, have a listen to our podcast linked below, where we expand on the common themes from this round of earnings and discuss what to watch for as 2020 approaches.