Searching for capital sources in energy becomes a lot harder when it’s believed that the industry landscape can’t get any worse—and then it does. Big time.

WTI closed at more than $61/bbl on the first trading day of 2020. At the end of the first week fol­lowing the failure of OPEC talks—and the outbreak of a price war between Saudi Arabia and Russia—WTI had plummeted to a little over $31/bbl.

By the middle of the next week, WTI collapsed into the low $20s and within pennies of $20/bbl.

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