And what factor could push the price of oil into the $20-$15-a-barrel range? - page 5
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If you ask me, oil consumption and refining should be reduced by ~30% with a gradual reduction.
It will happen on its own. There's about 50 years of oil left. Unless they find new super reserves. But there has been little investment in exploration at that low price of $40-50. And at $15-25 there will be nothing to invest at all.
The price of Urals crude in northwest Europe has plummeted to $13 a barrel.
Whiting Petroleum, a US shale oil producer, has announced that it has begun bankruptcy proceedings. https://rg.ru/2020/04/02/v-ssha-obankrotilas-krupnaia-kompaniia-po-dobyche-slancevoj-nefti.html?utm_source=yxnews&utm_medium=desktop
"...A statement posted on Whiting Petroleum's website noted that the company intends to initiate a 'financial restructuring' process. "The company has more than $585 million on its balance sheet and will continue to operate as normal without disruption to suppliers, partners or employees," the document said..."
Bankruptcy and restructuring are not the same thing. The company is still operating, producing and selling oil.
Bankruptcy and restructuring are not the same thing. The company is still operating, producing and selling oil.
US shale oil energy company Whiting Petroleumfiled for bankruptcy protection under Section 11 of the US bankruptcy law on Wednesday. The company was due to pay a $262 million debt on Wednesday. In total the company's debt is $2.2 billion, Whiting Petroleum wants to pay off this debt by exchanging it for 97% of its shares.
The company's financial problems began quite some time ago, recently deepening due to falling oil prices and the coronavirus pandemic. Earlier in March, the Financial Times reported that Whiting Petroleum was considering various options to restructure its debts.
"...A statement posted on Whiting Petroleum's website noted that the company intends to initiate a 'financial restructuring' process. "The company has more than $585 million on its balance sheet and will continue to operate as normal without disruption to suppliers, partners or employees," the document said..."
Bankruptcy and restructuring are not the same thing. The company is still operating, producing and selling oil.
:) In the headline and in the text of the article on rg.ru, they write about bankruptcy. I wonder who to believe :).
:) In the headline and in the text of the article on rg.ru, they write about bankruptcy. So who is to be trusted :).
Probably those agencies which give a link to the COMPANY'S APPLICATION.
Not the dumpsters.
https://www.kommersant.ru/amp/4310371
US shale oil energy company Whiting Petroleumfiled for bankruptcy protection under Section 11 of the US bankruptcy law on Wednesday. The company was due to pay a $262 million debt on Wednesday. In total the company's debt is $2.2 billion, Whiting Petroleum wants to pay off this debt by exchanging it for 97% of its shares.
The company's financial problems began quite some time ago, recently deepening due to falling oil prices and the coronavirus pandemic. Earlier in March, the Financial Times reported that Whiting Petroleum was considering various restructuring options for its debt.
Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring.
Whiting Petroleum Corporation Reaches Agreement in Principle with Certain of Its Noteholders to Pursue Consensual Financial Restructuring.