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(Bloomberg) So far, shale explorers are passing the test. The industry, much maligned by investors for excessive spending without returns to show for it, has managed to resist a 22% run-up in oil prices during the first three months of this year, holding output almost flat. A round-up of data on the drillers shows expectations for record free cash flow and signs that the industry is starting to pay its way. There are also indications of a delicate balance between workers finally returning to the fields, while drilling ramps up at a more moderate pace. “We emerge from earnings season with continued confidence in a disciplined response from covered E&Ps to higher commodity prices,” Goldman Sachs Group Inc. analysts including Neil Mehta wrote Monday in a note to investors. While one quarter of discipline may not be sufficient for explorers to prove their commitment to moderation, there are at least signs that they’re finally heeding investors’ pleas for austerity, the analy

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