US shale producers reported a cash outflow of more than $30bn in the first half of the year, in a sign of the challenges facing the US’s once-booming industry as the steep drop in the oil price begins to take effect.
The cash shortfall points to a rise in bankruptcies and restructurings in a sector that has expanded rapidly in the past seven years but has never covered its capital expenditure from cash flow.
Capital spending by listed US independent oil and gas companies exceeded their cash from operations by about $32bn in the six months to June, close to the deficit of $37.7bn reported for the whole of 2014, according to data from Factset, an information service.
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