Shale Bleeds Cash Despite Best Quarter In Years

The second quarter earnings results are complete, and it was another rough three-month period for U.S. shale. Oil prices climbed in the second quarter, with Brent topping out in the mid-$70s, before falling again after the U.S.-China trade war escalated. Notably, the extension of the OPEC+ cuts failed to rally oil prices amid growing concerns about demand. For U.S. shale, higher oil prices helped to some degree, but by and large it was another period of disappointment for a sector that has underwhelmed for years. Investors are increasingly losing…