RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2020-10-02 11:15:00

U.S. OIL BANKRUPTSIES $51 BLN

U.S. OIL BANKRUPTSIES $51 BLN

REUTERS - OCTOBER 1, 2020 -  Oasis Petroleum Inc and Lonestar Resources US Inc's bankruptcy filings are the latest in a slew of restructurings that put oil-and-gas producers on track for their biggest year of bankruptcies since the 2016 shale downturn.

Thirty-six producers with $51 billion in debt filed for bankruptcy protection in the first eight months of the year, according to the law firm Haynes and Boone. The coronavirus pandemic crushed fuel demand and left debt-laden producers without access to credit.

The number of companies filing still lags 2016, when 70 companies filed for bankruptcy. However, those firms were generally smaller and left a total of $56 billion in debt.

The United States grew to become the world's largest oil producer at nearly 13 million barrels per day (bpd), led by shale companies. However, those companies, in order to maintain high levels of production, need to keep drilling new wells to offset the swift decline rates from each site. Many shale producers took on heavy debt to finance their operations.

Despite the industry's growth, investor returns have been weak for years, and share prices struggled even as the broader Standard & Poor's 500 stock index set ever-higher records.

"It is reasonable to expect that a substantial number of producers will continue to seek protection from creditors in bankruptcy before this year is over," Haynes and Boone said in its bankruptcy report.

Oasis, which operates in the Bakken formation of North Dakota and Permian in Texas, announced the news on Wednesday. Lonestar said it was going to file for bankruptcy on Thursday.

Largest oil and gas bankruptcies in 2020 by total debt

 

-----

Log in to read the publication.

An authorized user gets access to four FREE publications per month.

You can also buy a full access to all publications of the site since January 2014.


Earlier:

U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 1, 13:50:00
OIL PRICE: NEAR $42 ANEW
Brent fell 17, or 0.4%, to $42.13 a barrel, WTI were down 22 cents, or 0.6%, at $40.
U.S. OIL BANKRUPTSIES $51 BLN
2020, September, 28, 11:30:00
U.S. RIGS UP 6 TO 261
U.S. Rig Count is up 6 from last week to 261, Canada Rig Count is up 7 from last week to 71
U.S. OIL BANKRUPTSIES $51 BLN
2020, September, 25, 13:15:00
U.S. GAS CONSUMPTION DOWN
Natural gas consumption in the U.S. industrial sector declined from 25.4 billion cubic feet per day (Bcf/d) in January 2020 to 20.1 Bcf/d in June 2020,
U.S. OIL BANKRUPTSIES $51 BLN
2020, September, 24, 12:15:00
U.S. OIL INVENTORIES DOWN BY 1.6 MB TO 494.4 MB
U.S. commercial crude oil inventories decreased by 1.6 million barrels to 494.4 million barrels,
U.S. OIL BANKRUPTSIES $51 BLN
2020, September, 22, 13:10:00
U.S. DRILLING: THE LOWEST
the U.S. total drilling for the year will definitely be the lowest since before 1940.
U.S. OIL BANKRUPTSIES $51 BLN
2020, September, 15, 16:30:00
U.S. PRODUCTION: OIL (-68) TBD, GAS (-428) MCFD
Crude oil production from the major US onshore regions is forecast to decrease 68,000 b/d month-over-month in September from 7,708 to 7,640 thousand barrels/day, gas production to decrease 428 million cubic feet/day from 81,026 to 80,598 million cubic feet/day .
U.S. OIL BANKRUPTSIES $51 BLN
2020, September, 15, 16:25:00
U.S. FOSSIL FUELS 80%
In 2019, 80% of U.S. domestic energy production was from fossil fuels, and 80% of domestic energy consumption originated from fossil fuels.
All Publications »
Tags: USA, OIL, PRODUCTION, FINANCE
Chronicle:
U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 27, 14:24:00
TANK FARMS AND OIL TERMINALS IN RUSSIA, CONFERENCE AND EXIBITION
We are glad to announce that the 15th Technical Conference Tank Farms and Oil Terminals: from Advanced Design to Operational Excellence 2020 is now open. The event will take place on 12-13 November 2020, in Saint-Petersburg.
U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 27, 14:20:00
GLOBAL INVESTMENT DOWN BY 49%
Foreign direct investment (FDI), a bellwether of globalisation and economic confidence, fell by 49 per cent to $399 billion in the first half of 2020,
U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 27, 14:15:00
JAPAN'S CARBON NEUTRALITY 2050
Japan’s previous objective was to become carbon neutral after 2050.
U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 27, 14:10:00
ISRAEL'S RENEWABLE TARGET $24 BLN
This target follows an ILS80bn (US$24bn) plan unveiled in June 2020 and aimed at increasing the share of solar in the power generation to 30% by 2030,
U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 27, 14:05:00
NOV VARCO NET LOSS $55 MLN
National Oilwell Varco, Inc. (NYSE: NOV) today reported third quarter 2020 revenues of $1.38 billion, a decrease of seven percent compared to the second quarter of 2020 and a decrease of 35 percent compared to the third quarter of 2019.
U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 26, 14:05:00
OIL PRICE: NEAR $41
Brent was down $1.08, or 2.6%, at $40.69 a barrel, WTI dropped $1.05, or 2.6%, to $38.80.
U.S. OIL BANKRUPTSIES $51 BLN
2020, October, 26, 14:00:00
U.S. SHALE SURVIVORS
The sector is in full-on merger mode in response to oil prices that have been stuck at around $40 a barrel in recent months after the Covid-19 pandemic hit global demand.
All Publications »