RE:With all due respectYou may be right depix. At under $55 WTI( normal differentials for Brent) the total payout ratio is once again over 100%. Something will have to be cut, either Capex or Divy if this price environment doesn't improve. Tough times for all oil and gas investers.
I would love to know how much production was hedged by shale companies when oil went above $60. It could add a lot more oil or if hedges are minimal you could see large drop in 2nd half production by shale companies.