U.S. oil bankruptcies spike 379% | Alternative Energy | Forums

A A A
Avatar

Please consider registering
Guest

Search

— Forum Scope —






— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

Register Lost password?
sp_Feed F-Alternative-Energy
U.S. oil bankruptcies spike 379%
Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
1
18 Feb ’16 - 10:09 am
sp_Permalink sp_Print

Yeah, we are getting hosed with oil prices in the next several years

At least 67 U.S. oil and natural gas companies filed for bankruptcy in 2015, according to consulting firm Gavin/Solmonese.

That represents a 379% spike from the previous year when oil prices were substantially higher.

With oil prices crashing further in recent weeks, five more energy gas producers succumbed to bankruptcy in the first five weeks of this year, according to Houston law firm Haynes and Boone.

"It looks pretty bad. We fully anticipate it's only going to get worse," said Buddy Clark, a partner at Haynes and Boone and 33-year veteran in the energy finance space.

This bleak outlook highlights one of the flip sides to cheap energy prices.

Sure, it's great for drivers filling their tanks with cheap gas. But it's also fueling the demise of dozens of drilling and servicing companies -- and killing thousands of jobs in the process.

Even Chesapeake Energy (CHK), one of the better known winners from the shale boom, was forced to deny bankruptcy rumors earlier this week as its stock tanked.

more http://money.cnn.com.....index.html

Avatar
Gravel Road
Rancher
Members
Forum Posts: 1455
Member Since:
6 Oct ’15
sp_UserOfflineSmall Offline
2
18 Feb ’16 - 12:19 pm
sp_Permalink sp_Print

I think the bright side is that...the work of wells and location is not really lost...those are assets that can be readily tapped when needed...kind of a 'known reserve'.  So we kind of have some production capacity saved for a rainy day.

"The universe is wider than our views of it." -HDT
Avatar
spotted-horses
Rancher
Members
Forum Posts: 1272
Member Since:
11 Mar ’12
sp_UserOfflineSmall Offline
3
18 Feb ’16 - 5:22 pm
sp_Permalink sp_Print

well for me it is a win win situation. Fracking has come to a halt in my county. The jobs lost were out of state people living in man camps. I'm sorry for their loss but they treated us local folks like dirt. I'm enjoying the stops at the gas pumps. 

Be RADICAL Grow Food

Avatar
DangerDuke
Rancher
Members
Forum Posts: 2030
Member Since:
21 Feb ’12
sp_UserOfflineSmall Offline
4
18 Feb ’16 - 5:43 pm
sp_Permalink sp_Print

The issue goes deeper thank the halt of domestic production though. Through these bankruptcies you're going to see default on the loans that these companies had with the banks. There's a bubble of these things right now similar to the crash in '08. Expect some serious economic fallout when these loans stopped being paid on.

If you're thinking about buying silver or gold right now is looking pretty good.

Avatar
Gravel Road
Rancher
Members
Forum Posts: 1455
Member Since:
6 Oct ’15
sp_UserOfflineSmall Offline
5
18 Feb ’16 - 6:46 pm
sp_Permalink sp_Print

DD...I think K might still be sitting on some silver...he would love to see it increase.

"The universe is wider than our views of it." -HDT
Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
6
19 Feb ’16 - 9:13 am
sp_Permalink sp_Print

DangerDuke said
The issue goes deeper thank the halt of domestic production though. Through these bankruptcies you're going to see default on the loans that these companies had with the banks. There's a bubble of these things right now similar to the crash in '08. Expect some serious economic fallout when these loans stopped being paid on.

If you're thinking about buying silver or gold right now is looking pretty good.

I saw an article where it says over a trillion dollars in investments is just sitting there idle, I think I posted it here somewhere

Avatar
K
Admin
Forum Posts: 31782
Member Since:
15 Feb ’12
sp_UserOfflineSmall Offline
7
19 Feb ’16 - 9:13 am
sp_Permalink sp_Print

Gravel Road said
DD...I think K might still be sitting on some silver...he would love to see it increase.

sadly that got lost in a freak boating accident

Forum Timezone: America/New_York

Most Users Ever Online: 698

Currently Online:
27 Guest(s)

Currently Browsing this Page:
1 Guest(s)

Top Posters:

easytapper: 2149

DangerDuke: 2030

groinkick: 1667

PorkChopsMmm: 1515

Gravel Road: 1455

Newest Members:

christenabyars3

ejadebra725

annettabanks

horacefoss10525

collinm09798

Forum Stats:

Groups: 1

Forums: 12

Topics: 11477

Posts: 58671

 

Member Stats:

Guest Posters: 2

Members: 2960

Moderators: 0

Admins: 1

Administrators: K