Energy

Shale industry to be rocked by $300 billion in losses, bankruptcies: Deloitte

0


A derrick man secures a length of drill pipe during drilling on a natural gas drill rig near Montrose, Pennsylvania, U.S., on Monday, April 5, 2010.

Daniel Acker | Bloomberg | Getty Images

The U.S. shale industry is about to enter a period of “great compression” as low oil prices hammer the sector, according to a Deloitte study released Monday.

The firm believes that exploration and production companies could  write down the value of their assets by as much as $300 billion as they struggle to breakeven in a lower-for-longer oil price environment. Significant impairments are expected in the second quarter. Based on this, the firm envisions a wave of bankruptcies followed by mass…



Source cnbc.com

Our smart ring users found coronavirus detection

Previous article

We will get stronger existing home sales moving forward, says Moody's Mark Zandi

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Energy