North American Oil And Gas Companies Continue To Go Bankrupt At $40 Oil
The rash of oil and gas bankruptcies in North America is set to continue for the remainder of 2020, a report by Haynes and Boone cited by Reuters shows.
After the coronavirus pandemic and oil price war set in at the end of the first quarter, the second quarter began with a wave of bankruptcies in the oil and gas sector in North America, according to the report.
There have been more than 18 producer bankruptcies in Q2 alone, according to Haynes and Boone—it is the highest quarterly figure since 2016 during the previous oil price crash. So far this year, 41 oil producers and oilfield service firms have sought bankruptcy protection.
Davis Refinery A Minor Source, Environmental Leader
William Prentice, Meridian Energy Group, responds to the question about whether Climate Activists have reached out regarding the science on the Davis Refinery. Prentice also explains what a minor source means and how it compares to a restaurant.
“Synthetic minor source means that you take a project like the Davis that could be dirty, and by using all the environmental controls available to you, all the technology available you will actually have a plant that is so far below the allotted limit that you are treated like a minor source,” Prentice said. “Like a small restaurant would be a minor source.”
Drilling Down: Midland Independent Defies Downturn
Midland oil company Summit Petroleum plans to step up its drilling program as others are cutting back their activity.
The independent exploration and production company filed for nine drilling permits with the Railroad Commission of Texas, the agency that regulates the oil and gas industry in the state.
Summit plans to drill nine horizontal wells targeting the oil-rich Spraberry field on nine leases in Upton County. Total depths for the wells range from 9,400 to 10,100 feet.
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