32843
Oil Bankruptcies Reach Highest Level
Energy

Oil Bankruptcies Reach Highest Level

Bankruptcies among oil and gas companies have reached quarterly levels last seen in the Great Recession, according to the Federal Reserve Bank of Dallas. At least nine US oil and gas companies that accounted for more than $2 billion in debt have filed for bankruptcy in the fourth quarter, the bank said on Wednesday in its energy economic update for the final three months of the year, Bloomberg reported. “Lower oil prices have taken a significant financial toll on US oil and gas producers, in part because many face higher costs of production than their international counterparts do,” according to the note written by Navi Dhaliwal, a research assistant, and Martin Stuermer, a research economist. “If bankruptcies continue at this rate, more may follow in 2016.” Since peaking in October 2014, US oil and gas employment has fallen by 70,000 jobs, the analysts wrote in the report. Oil edged above $38 a barrel on Thursday before retreating, as it remained within sight of an 11-year low reached this week and traders put positions in order ahead of an expected week of low liquidity ahead.

 

Short URL : http://goo.gl/ILwYez
  1. http://goo.gl/I31Xmj
  • http://goo.gl/V1TSxI
  • http://goo.gl/QFO18o
  • http://goo.gl/h9UwVF
  • http://goo.gl/yrCUzH

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Trending

Googleplus