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2016-05-19 20:50:00

U.S. ENERGY DEBT: $370 BLN

U.S. ENERGY  DEBT: $370 BLN

 

USA ENERGY DEBT 1995 - 2016

 

USA ENERGY DEBT 2016 - 2025

 

The U.S. energy sector is facing $370 billion of debt, a number that has more than doubled in the past decade. But even as oil rebounds off 13-year lows, many energy companies are struggling to stay afloat.

To simply make the interest payments on the debt, energy companies shelled out $16.7 billion last year—about half of their total operating profit, according to data compiled by FactSet and Yahoo Finance.

The figures from the past quarter are increasingly grim: 86% of energy sector operating profits were used to cover the interest payments on debt.

"Servicing debt is a huge component right now, which is why they need a higher oil price," said Dan Dicker, President of MercBloc. "But even if they were able to service...the question becomes how will they be able to raise capital when these notes come due?"

While $5.1 billion of U.S. energy debt matures this year, $25.1 billion will mature in 2017. The number risies to $52.5 billion in 2020.

"There's not a lot of this debt that comes due in 2016. But in 2017—that's when the rubber will really hit the road. Now a lot of these companies are already looking to bankruptcy because people know that the bond position is untenable," said Dicker.

Currently 70% of oil and gas producers have bond ratings below investment grade, according to S&P and FactSet. Last year, debt defaults topped 100, a level not seen since the financial crisis, with energy companies accounting for about one-third of the total.

Even the recent rise in oil prices won't be enough to repair the damage for many energy companies, notes Michael Cohen, head of energy commodities research at Barclays. "The leverage at these prices is in the 7 to 9 range, so even prices going back up to $50 or $60 is not going to help that immensely," Cohen said.

On Monday, SandRidge Energy filed for bankruptcy with $4.1 billion in debt, the fifth energy company to file for bankruptcy in the past week. Since the start of 2015, over 50 oil and gas producers have gone bankrupt, and the situation is dire for hundreds more companies, according to Deloitte.

"[Oil's recent rise] is not enough," said Dicker. "You can't find the financing to keep the lights on at $50 oil. Most of these guys won't be able to keep the lights on at $65 or $70 oil."

yahoo.com

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Earlier: 

U.S. RIGS DOWN 9 

U.S. BANKRUPTCY UP 

U.S. OIL PRODUCTION DOWN 

U.S. PRODUCTION DOWN 

POORLY CONCEIVED U.S. 

U.S. DEFICIT UP 13.1%

 

 

 

Tags: USA, ENERGY, OIL, GAS, DEBT

Chronicle:

U.S. ENERGY  DEBT: $370 BLN
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

U.S. ENERGY  DEBT: $370 BLN
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

U.S. ENERGY  DEBT: $370 BLN
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

U.S. ENERGY  DEBT: $370 BLN
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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