U.S. Shale Bankruptcies Accelerate Despite Pandemic Protection ...Middle East

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U.S. Shale Bankruptcies Accelerate Despite Pandemic Protection
source : OILPRICE ( Middle East ) () 24
The U.S. oil industry is trying to recover from the worst demand shock in the history of oil markets. Some companies launched the long-awaited consolidation in the sector, while many others filed for bankruptcy as unsustainably low oil prices this year weighed on already weakened balance sheets.   The U.S. shale patch had access to some form of government relief during the pandemic, like all businesses in the United States. The oil and gas industry received tax breaks, royalty relief, and forgivable loans under the Paycheck Protection…

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