The U.S. shale industry is increasingly dominated by the oil majors, with small and medium-sized drillers under financial pressure. Shareholders, banks and other analysts are losing patience with unimpressive performances of a large swathe of shale companies. For years, shale drillers borrowed money to ramp up production, promising their lenders and investors that profits would eventually flow as quickly as the oil. But since 2011, the shale industry has burned through roughly $200 billion . There has certainly been an oil boom, but no corresponding boom in profits. A decade of near-zero interest rates has allowed the drilling frenzy to continue. However, limitless growth is coming to an end. Wall Street has not completely soured on the sector. “[U]nfavorable 4Q18 [free cash flow] for E&Ps along with investor concerns regarding the US onshore land environment for Oil Services may keep investors more positive on Majors/Midstream until E&Ps/Oil Services bellwethers […]