UPDATE 3-U.S. shale companies hedges were inadequate for oil price crash
March 13, 2020 at 17:00 PM EDT
Oil prices have plunged so much that even U.S. shale producers who have paid for the industry's version of income insurance must deal with big holes in their budgets. Crude oil prices have crashed about 50% this year, hit by the coronavirus outbreak and the surprise price war that erupted last weekend between Saudi Arabia and Russia. The U.S. crude benchmark