The FT reviews the economics of shale and notes that some small-cap shale producers are overleveraged but they emphasize that many, especially larger, companies have healthy balance sheets and they’re likely to pick up assets from any failing companies.

“The rate of increase in production is going to slow down,” says Philip Verleger, an energy economist. “Even at $50 oil, though, US production probably plateaus, but it doesn’t start going down.”