Shale will wait, page-5

Naza,

Assuming your figures are correct, nearly all shale producers are currently under water at present POO
Many who have borrowed most of their development costs are going broke and defaulting on debt. No lender is going to be so generous in the future. That leaves cashed-up operators to pick up the assets. They (big oilers) are not going to go into production merely to break even - I would expect them to require a minimum of $30 pbb profit. Conclusion: shale is a factor only if POO is above $60 - 70.
SA is doing its best to make sure that existing shalers go out of business. I think it may take another 6+ months to achieve this. The lower the POO goes the quicker the capitulation will occur. Bring on $20 !

All IMO - DYOR and GLTAH

Fisho