Oil: Slim Is In as Drillers Trim Spending

The Wall Street Journal | Tim Puko and Mike Cherney

 Sanchez Energy is noted as top company “mostly unfazed” in chart comparing companies share-price gains after budget cuts.

Investors are sending a message to oil and gas companies: Think less like wildcatters and more like accountants.

During the first quarter, stocks of the oil and gas companies that fared the best were often those that promised to rein in spending. This approach marked a reversal from recent years, when investors tended to reward companies that pursued rapid growth above all else.

Exploration-and-production companies including…

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