Dallas Fed: Lower oil prices hitting US shale industry
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, the US Federal Reserve Bank of Dallas reported that lower oil prices are taking their toll on the financial position of US shale producers, with the bank commenting that bankruptcies among oil and gas companies have reached the highest level on a quarterly basis seen since the Great Recession of 2008.
According to the bank, at least nine oil and gas companies in the US have filed for bankruptcy in the fourth quarter of this year, with the companies reportedly holding debts accounting to more than $2 billion.
According to the bank, at least nine oil and gas companies in the US have filed for bankruptcy in the fourth quarter of this year, with the companies reportedly holding debts accounting to more than $2 billion.
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