The folks at Enverus (formerly DrillingInfo) distributed an interesting analysis recently that reveals a great deal about the story of the domestic U.S. oil and gas industry for 2019.

It tells a story of an increasingly two-tiered business segment in which the relative financial health of each company is driven largely by its ability to either generate sufficient cash flow to fund drilling operations or, failing that, to obtain capital through financial institutions and/or private equity groups…