TIL: the fracking boom is over

Over the past 10 years, 40 of the largest independent oil and gas producers collectively spent roughly $200 billion more than they took in from operations.

Shale wells produce a lot of oil and gas early on, but taper off quickly, meaning drillers must continuously plow money back into the ground to maintain output. The Journal previously reported that thousands of wells drilled in the last five years are producing less oil and gas than companies forecast to investors.

Infusions of money from Wall Street, eager for a piece of the fracking action, fueled growth at Pioneer and other shale companies. Frackers tapped investors for more than $176 billion in financing from 2015 to 2018, using debt and sales of new shares to continue increasing production.

https://www.wsj.com/articles/a-leader-of-americas-fracking-boom-has-second-thoughts-11561388670