Dozens of indebted US shale companies face annihilation over coming months as their hedge protection runs out and creditors pull the plug, but veteran frackers insist defiantly that the slump will not stop the industry's march to world conquest.
"What is happening scares the heck out of you. We're going to see a decimation for the industry, with bodies and corpses all over the place," said Mark Papa, the former head of EOG Resources.
"Lower for longer, is starting to feel like the Great Depression. You run for cash. You ride out the storm."
John Hess, founder of the Hess Corporation
"It is probably a three-year process and we're in the middle of it. The impact on investment has been devastating," he told the IHS CERAWeek summit of energy leaders in Houston.
"Our activity is at a bare minimum, and we're just preserving our operational capability. We had 17 rigs two years ago, eight last year, and now we're running two. Very few things make sense at $30. It’s better to leave the oil in the ground,” he said.
Baker Hughes Oil Rig Count down to 400 from 413 last week and 675 in August 2015.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
Global-View Affiliate Program
We are starting an affiliate program to market some of our products.
Send me an email if you would be interested or if you know someone who would like to be an affiliate. Generous commissions payout for those accepted.
Put the word "affiliate" in the email subject line.
Are you
looking for your first broker or do you need of a new one? There are
more critical things to consider than you might have thought.
We were trading long before there were online brokers. Global-View
has been directly involved with the industry since its infancy. We've
seen everything and are up-to-data with recent regulatory changes.
We are starting an affiliate program to market some of our products.