Haynes & Boone co-chair of the energy practice Buddy Clark is expecting approx. 100 US oil & gas firms to file for Chapter 11 within a year.
According to S&P Global Ratings, the number of firms with a distressed credit ratio has risen from 25% at year-end 2019 to a March 2020 level of 94%.
In the release, the following companies were named as potential Chapter 11's:
- Chesapeake Energy
- California Resources
- Denbury Resources
- Ultra Petroleum
- Oasis Petroleum
Russia reported a new national LNG production target for 2035 of 80-140 Mtpa, rising from the prior goal of 70-82 Mtpa. The 2024 target remained unchanged at 46-65 Mtpa.