Top executives at U.S. oil and gas producers are taking big bonuses even as companies stagger into bankruptcy.
Engineering and construction firm KBR Inc. will exit most of its LNG construction and other energy projects, it told investors and employees, as customers pull back on energy investments.
Impairments expected to be made by U.S. shale companies in the second quarter could trigger insolvencies as the sector accounts for oil price fall, Deloitte says in a new study.
Polarcus Ltd. has revealed on June 22 it will cut its workforce by 20% and senior-level salaries by 10% to help navigate the market uncertainty caused by the combined impact of the COVID-19 pandemic and oil price volatility.
As oil and gas companies face a hard-scrabble commodity price environment, E&Ps and participants in other industry sectors are already rushing to restructuring advisers in hopes of staving off cash flow calamities, unpaid debts and bankruptcies.
Extraction Oil & Gas is the second largest U.S. shale producer to file for bankruptcy since the oil market collapse driven by the COVID-19 pandemic.
Going forward, big data will be key in making good business decisions, and in the next few months there will be many buying opportunities as distressed oil and gas companies are forced to sell their assets.
Among the most notable Chapter 11 filings so far have been Whiting Petroleum Corp. and Diamond Offshore Drilling Inc., both of which filed in April.
Chesapeake Energy, once worth $35 billion, is flirting with bankruptcy in face of the coronavirus-driven crash.