What a difference a quarter can make. It’s clear now that when it comes to US shale, no two consecutive quarters ever look alike. Companies are in survival mode and have cut budgets by a combined US$20 billion, or more than 30%. As prices dropped into the single digits and storage costs exploded, US Tight Oil Inc. started announcing production curtailments as it was no longer profitable to produce oil from existing wells. Companies such as Apache, Devon and Diamondback added on hedges below US$40/bbl WTI to help protect further downside risk. Hedges this low are below the average breakeven price of a new tight oil well.