Oil Prices: Shale Producers Face Reality

``it's not clear what's left to cut. The futures contracts and other swaps and options they bought last year as insurance against falling prices are beginning to expire. During the first quarter, U.S. producers earned $3.7 billion from these hedges, crucial revenue for companies that often outspend their cash flow.... Over the first half of 2015, U.S. shale producers were able to raise about $44 billion in debt and equity, according to UBS. As oil prices keep falling, investors are losing their appetite for risky shale debt. ''