Record low Henry Hub gas prices, the Coronavirus’ unexpected hit on global oil demand and persistent pressures from shareholders show the year is off to another rocky start for U.S. shale producers.

Rig counts have fallen along with completions activity in just about all U.S. land basins, except the Permian Basin, an implication of weaker frac activity, according to Artem Abramov, head of shale research for Rystad Energy.

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