A wave of oil bankruptcies is on the way [CNNMoney.com]
Whiting Petroleum Corporation (New) (WLL)
Last whiting petroleum corporation (new) earnings: 2/27 08:30 am
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Source: CNNMoney.com
A wave of oil bankruptcies is on the way New York (CNN Business) The first domino in the oil industry has fallen. Whiting Petroleum, once a rising star in the shale industry, filed for Chapter 11 protection Wednesday. The oil driller survived for years at $50-a-barrel oil. But the recent collapse to $20 proved unbearable, sparking the first major oil bankruptcy of the current crisis. Whiting ( WLL ) surely won't be the last. The coronavirus pandemic has crushed the oil industry, setting off a swift and unprecedented decline in demand for gasoline, jet fuel and diesel. That pain has been amplified by an epic price war between Saudi Arabia and Russia, a mountain of debt on oil company balance sheets and the virtual shutdown of the junk bond market. Those factors will almost surely set off a spike in oil patch bankruptcies in the coming months. And unlike the 2014-2016 oil crash, some of those companies may not survive. "There will be a wave of bankruptcy filings this y
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