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U.S. fracking giants prepare for repeat of 2016 collapse, expect little help from Wall Street

by David Wethe, Bloomberg


Major fracking companies are expecting to crash and don’t anticipate receiving financial help from Wall Street, potentially paving the way for more renewable energy projects.

  • Though drilling rig numbers have dropped in the past, the current decline could come much faster this time according to fracking giant Schlumberger Ltd.
  • Halliburton, the world’s leader in fracking, is planning for the possibility that nearly two-thirds of rigs in North America could be shut down by the end of the year
  • The U.S. oil rig count could potentially see a 70% drop over a six-month period, surpassing lows last seen in 2016
  • Financial markets are not quick to support the fracking industry, as many investments are focused on more clean energy efforts

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Read More: https://ieefa.org/u-s-fracking-giants-prepare-for-repeat-of-2016-collapse-expect-little-help-from-wall-street/