While oil prices are down about 25% this year, share prices of oil & gas firms are down, on average, 50%. And of the 70+ US-based oil companies, only one has a share price that has not declined over the past year. Why? There is a growing consensus that the breakeven price for energy exploration-and-production, including fracking, exceeds the current $50-$55/bbl range. To wit, rig counts have fallen 24% Y-o-Y.