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Most Marcellus/Utica shale drillers are making money hand over fist. At least they're making money if you don't count certain losses from hedges. The financial numbers are heading in the right direction, for the most part. And investors are happy, rewarding M-U drillers by buying shares of stock at ever-higher prices. However, those same investors *don't* want to see M-U drillers expand their drilling programs beyond what it takes to maintain current levels of production. Investors want the free cash flow being generated by M-U drillers to be given to investors in the form of either dividends or stock buybacks--not by expanding and drilling more.
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