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As soon as OPEC+ negotiations fell apart on Monday, stoking fears of a supply squeeze and sending oil prices soaring, U.S. shale executives began hitting the phones. They weren’t ordering their crews to drill for more oil. They weren’t game-planning a miraculous comeback in American crude production. They were securing hedges locking in prices for the oil they plan to produce next year and protecting themselves against a potential market slump, people familiar with the trades said, asking not to be named because the information isn’t public. The hedges are just about the only thing that’s certain about shale’s response to the OPEC+ crisis thus far. The cartel’s failure to reach a deal in several meetings since last week has raised the question of whether America’s oil drillers will stage a comeback and take advantage of the moment to steal market share. Some, on the other hand, fear the group’s rift could trigger a price war that would flood the market with crude.

New yorkUnited statesUnited arab emiratesCity ofUnited kingdomArab emiratesShirin lakhaniRaoul leblancDaniel yerginPaul sankeyAndy hendricksRapidan energy groupPioneer natural resources coMarkit ltdArtem abramov at rystad energyEnergy inc