Tom Whipple and Steve Andrews, Editors

Quote of the Week

“Many U.S. shale companies are drowning in debt. Just a few days ago, Extraction Oil & Gas, a large shale driller in Colorado, declared bankruptcy. Chesapeake Energy, which arguably best represents the debt-driven shale bonanza, is expected to file for bankruptcy any day now. The Chapter 11s, and even the “Chapter 22s” – a nickname for those that are set to declare bankruptcy for the second time – are expected to continue to rise.  All the while, steep decline rates will likely more than overwhelm any new drilling that takes place. Oil prices have bounced off of April lows, but U.S. shale is far from a comeback.”-Nick Cunningham, Oilprice.com

Graphic of the Week

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