High Oil Prices Spark A New Wave Of Exploration

When the energy crisis hit a nadir two years ago, highly indebted American oil and gas companies quickly changed their playbook, adopting stricter cost discipline, cutting back on expensive drilling programs, and vowing to return more cash to shareholders in the form of dividends and buybacks. Luckily for them, the good times are here again, with high oil and gas prices helping to massively improve their balance sheets. However, many shale companies have so far been reluctant to go back to their trigger-happy drilling days, preferring instead to…