RE:why the big slide?I think the market understands that delaying the natgas wells is not the issue - drilling them in the first place is - thus the beatdown.
Basically every dollar spent on oil rich fields - whether its drilling,infra, plant, more land, more locations - is better ROI than investing in natural gas fields not only because oil is more profitable but also because associated gas is generally lower cost than dry gas as there's no activity based capex cost. Its the associated gas paradigm shift (in the US it boils down to 1 word: Permian).
Also, not hedging oil almost at all for the next 6 months at this point in time seems an unecessary risk to me.