Over the past two weeks, major shale players have announced budget reductions of millions of dollars.

North American oil and gas producers have cut their 2020 spending by nearly 34%, or about $41.6 billion, from their original estimates, according to data compiled by Reuters.

Well starts across the major U.S. shale plays have been the most dramatically affected. According to Enverus, Bakken well starts began falling in February and dropped 12% sequentially in March. Back-to-back sequential declines also occurred in March in the Permian (5%) and Eagle Ford (10%).

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