A series of bankruptcy of shale oil-related companies due to sluggish crude oil prices 13:03 on June 29, USA
An American energy company that has been developing shale oil and shale gas for over 30 years went bankrupt on the 28th. While crude oil prices are slumping due to the spread of new coronavirus infections, shale oil affiliates are in the midst of business failures.
The company that went bankrupt was US "Chesapeak Energy" company on 28th, applied for the application of Article 11 of the Bankruptcy Code, which is the Civil Rehabilitation Law of Japan, to a court in Southern Texas.
"Chesapeake" is an energy-related company that produces shale oil and shale gas extracted from deep underground rock layers.It is one of the long-established stores that was founded more than 30 years ago. , Debt was over 1 trillion yen, and severe management continued.
Furthermore, as the price of crude oil dropped sharply due to the spread of the new coronavirus infection, it seems that a large amount of debt had become a burden and cash flow was stalled.
Due to the expansion of shale oil production, the United States has become the largest oil producing country in the world, but shale oil has a higher production cost than crude oil produced in the Middle East, and in the United States, the crude oil price was sluggish, so April this year. Since then, the failures of affiliated companies have continued.
In addition, according to a survey result, more than 80% of companies are forced to suspend production or reduce production in and around Texas, which is the most popular area.