World oil prices recover, but too late to it could save mining companies in the United States, many of which are unable to cope with their debts, according to CNN.
On Monday, a bankruptcy petition filed the second-largest oil company, the US — SanRidge Energy. According to CNN, her debt is about $4 billion, informs “News of Economy”.
A week earlier bankruptcy declared by another us company — Linn Energy, the debt of which exceeds $10 billion.
Last Sunday, bankruptcy also reported specialising in oil exploration and oil production company Breitburn Energy Partners, last week company Penn Virginia, mining shale oil.
Despite the fact that oil prices increased nearly 80% since mid-February, the oil companies continue to struggle with falling profits amid falling production. As a result, companies find it extremely difficult to pay off the debts they have accumulated several years ago when the price of oil exceeded $100 per barrel.
According to managing Director of consulting firm SOLIC Capital George Koutsantonis, in the near future the industry will find even more bankruptcies, especially among small companies. “This industry has historically been full of speculators. It is not surprising that we go through this cycle of boom-bust,” — said the expert.
