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Tag Archives: Shale producer bankruptcy

The Pandemic Has Broken Shale and Left Oil Markets in OPEC Hands

Oil rigs stand in the Permian Basin area of Odessa, Texas. Photographer: Sergio Flores/Bloomberg

BLOOMBERG, NOVEMBER 28, 2020 The contraction of the U.S. oil industry this year means the cartel probably won’t need to worry too much about losing market share for some time.  By Kevin Crowley, David Wethe, and Sheela Tobben for Bloomberg -OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years the shale boom …

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Gulfport files for bankruptcy: Warned in August might not survive

Gulfport Energy Corp headquarters

BLOOMBERG, NOVEMBER 14, 2020 Natural gas producer’s liabilities totaled about $2.5 billion | Company had warned in August it might not be able to survive By David Wethe for Bloomberg – Gulfport Energy Corp. filed for bankruptcy, joining a slew of U.S. oil and gas companies that are collapsing after the pandemic deepened their struggle with low prices and too much debt. …

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How a Texas shale supplier’s founders made fortunes as the firm failed

Drilling rigs operate at sunset

REUTERS, AUGUST 13, 2020 (Reuters) – On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus. Five days later, the company declared bankruptcy. The payout marked the latest in a series of board decisions that allowed the oilfield …

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Chesapeake’s Collapse Is Latest in Long Line of Shale Disasters

Oil storage tanks

BLOOMBERG, JUNE 29, 2020 Over 200 North American producers have gone under since 2015 | This year, at least 20 have filed for bankruptcy protection By David Wethe for Bloomberg – The shale bust has reached a grim milestone by claiming the pioneer of America’s drilling renaissance. But Chesapeake Energy Corp., which filed for bankruptcy protection on Sunday, is just the latest …

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