Ahead of Q2 earnings season, this insight gives a recap of the Q1 outspend and Wood Mackenzie's outlook for cash flow generation going forward. Just when things were looking positive tight oil cash flow, Q1-19 represented the largest outspend for the peer group in nearly two years. The outspend, which was largely driven by depressed service pricing and a rising WTI price, will have big implications for Q2 earnings as well as the remainder of the year. Tight oil companies are among the most discounted in our coverage. In fact, EOG and Continental are the only two that trade at a market premium, relative to Woodmac's valuation. This insight looks at some of the reasons that might be and summarises our outlook for Tight Oil inc.