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

by David Wethe, Bloomberg


Highlights:

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/

Nina Turner
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