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Oil and gas producers ‘in distress’ as low oil price pain continues

stander
stander
in Oil, Gas and Energy News

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Low oil and gas prices are close to triggering a wave of bankruptcies and debt defaults among US producers, investors fear. The fall in the oil price to levels that are punishingly low for producers is putting up to $88bn of borrowings potentially at risk.

About 30% of the oil and gas industry’s debt is now said to be at distressed levels – meaning companies are experiencing financial or operational problems severe enough to put them at risk of default or bankruptcy.

http://www.theguardian.com/business/2016/feb/20/oil-and-gas-producers-distress-low-prices-bankruptcy

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