Shale oil and gas producers seem to have achieved on their long-promised, free cash flow goal in spite of the obvious turbulence of 2020. 

Last year marked the first full year of positive free cash flows generated by shale oil and gas producers since the fracking boom began, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA) published March 24.

“Last year’s positive free cash flows were only possible because shale companies cut their capital spending to the lowest level in more than a decade,” said Clark Williams-Derry, energy finance analyst at IEEFA who co-authored the firm’s report examining capital spending of a cross-section of 30 North American shale-focused oil and gas producers.

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