As the financial picture for the oil and gas industry has become increasingly jigsawed, E&Ps are scrambling to fill in the gaps with smaller and smaller puzzle pieces.
Amid the U.S. health and economic crisis, oil and gas asset valuations have been thrown into ruin. Production has turned, in a brief
but literal sense, worthless. And cash, like a true monarch, not only reigns supreme but is rarely seen.
The chaos in the broader markets and in the oil and the oil sector has resulted in robust demand for advice. E&Ps have rushed to restructuring advisers, retaining their services as a result of the tumult.
Restructuring advisers say the carnage in the oil markets—with WTI prompt month prices falling to negative $37 on April 20—has driven many companies to seek immediate aid while others are working to keep restructuring and bankruptcy at bay.