After all the talk of living within cash flow in the downturn, it appears E&Ps are beginning to walk the walk.

First-quarter 2016 financial results from U.S. onshore producers show an improving balance between capex and operating cash flow, the U.S. Energy Information Administration said (EIA) July 18.

“Although operating cash flow was the lowest in any quarter in the past five years, larger reductions to capital expenditure brought these companies closest to self-finance [when capital investment can be paid for entirely from operating cash flow],” EIA said.

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