Pandemic Accelerates Dismal Financial Performance of U.S. Fracking Companies

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A cross-section of 34 North American shale-focused producers continued a long-term losing streak in the second quarter of 2020, spending $3.3 billion more on drilling and other capital projects during the quarter than they generated from selling oil and gas. Low prices and declining sales volumes slashed revenues, leaving the fracking sector awash in red ink despite steep cuts in capital spending. 

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