Charts 
What happens when you "slash" spending if you are in shale oil business? 
Your reserve replacement ratio goes well below 100%, all the while your production is declining 
at over 40% annually. In other words,  your killing yourself. All the horse dookey about 
"free" cash flow is meaningless if you can't replace the reserves you are producing...and you are NOT paying down debt. 
32% of this 3Q2020  $2.546 B of free cash flow came from one company, EOG.  
From 3Q2019 to 3Q2020 EOG grew its long term debt by $789MM ! 
In the mean time, don't buy into the absolute crap now being said about how US shale oil companies 
are now "disciplined, subdued, and restrained," in not trying to grow production. 
Its more horse dookey.
They can't grow production anymore, not and pay dividends and/or pay down debt. Oil prices have 
to be over $85-90, sustained, to be able to do that. Past performance is not indicative of future results
when the "other people's money" spicket" has been turned off.
The shale oil sector cannot function without credit.