I work in the O&G industry and I think this is backwards. You're far more likely to see conventional wells be choked back or shut-in during price drops. That is

I work in the O&G industry and I think this is backwards. You're far more likely to see conventional wells be choked back or shut-in during price drops. That is what we saw in the recent oil price drop. With unconventional wells (horizontal fracked wells) decline rates are so high that you will see a dramatic decrease in production by simply stopping drilling of new wells.