little cash involved. They financed to the moonI imagine buying Kodiak a few years ago with a bunch of cash didn't help.
They had Kodiak and their own production financed to the moon and never recovered for the debt. If they would have quit selling their oil at depressed prices they may have made it through. Unfortunately it was pressure from the investors to sell all their oil at a loss......little cash involved. They financed to the moon
https://www.bloomberg.com/news/arti...es-got-14-6-million-bonuses-before-bankruptcy
Looks like the decision makers at whiting got nice bonuses for putting the company in bankruptcy. Good gig if you can get it I guess
I imagine buying Kodiak a few years ago with a bunch of cash didn't help.
There is no cure for the Coronavirus coming anytime soon. What is the point of shutting down the US economy for 15-60 days if the problem (vaccination) still will not be available. If Coronavirus kills 250 thousand people there is going be 50 million economic deaths if we keep businesses from operating. There are a lot of people who have poured their lives into the businesses they run and it won’t be long before they are no longer financially viable to keep going. We need to open up the economy and people are going to have to wear masks, wash their hands, improve sanitation, and implore the elderly and people with poor health to stay in if possible. We need to get the economy up and running and one of these politicians need to have the balls to say we gotta get this going or there are going to be huge problems shortly.
My number one question is what happens when people run out of money to pay for food, rent, mortgages, hygiene products, and bills. I can tell you what happens......anarchy. Case in point look at what is happening in southern Italy.
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Probably didn’t help but natural gas prices being at 1.65 on the Henry Hub is what killed Whiting. It will soon kill companies like Chesapeake, Antero, and Range as well. Saudi Arabia’s illegal decision to flood the market with oil will put the final nail in a lot of oil and natural gas production companies.
I have a lot of ideas for What to do with Saudi Arabia’s illegal dumping of oil. First thing would be pulling all aid and troops in the region out. I would also place massive tariffs on any oil coming into the US from Saudi Arabia as well. They might think differently about their decision when Iran comes knocking on their door.
Yeah, not gonna happen with Saudi, unless you've been there and seen what we've created over there you wouldn't believe it. You won't find anything on the web of "the good stuff". The amount of politicians that come over there with a gov't plane filled with family members would baffle you. Osama Obama went over there with 22 black Suburbans full of kin folk for a couple of weeks each year during his disaster, did the same thing in Kbay for 2 weeks during Christmas for 8 years. Until there are term limits and no wage increases voted in by themselves, not a damn thing will change.
im pretty certain a trustee can force the return of that money if he do desires. Highly unlikely but I believe he couldhttps://www.bloomberg.com/news/arti...es-got-14-6-million-bonuses-before-bankruptcy
Looks like the decision makers at whiting got nice bonuses for putting the company in bankruptcy. Good gig if you can get it I guess
OPEC + was all the former members and the Russians were added to the group, thus the plus. Before the crude collapse in March the OPEC members minus the Russians want to limit oil production to keep the price up. Multiple news releases followed the negotiations. It was the Russians that refused to limit production and opened the taps. Then others followed.
Just a conspiracy theory here, but Russia saw a chance to screw the western economies and weaken their competition in shale production areas. So they pulled the trigger. Who is our best ally in the middle east, Russia or the Saudis?
The CV19 battle is a war brought to our country and every swinging person is drafted into the fight. The health of the citizens is threatened and the health of the economy too. There are casualties in both.