Their owners may be bankrupt, but the sprawling mines of Wyomings Powder River Basin are still churning out coal. It is the same story in oil fields along the Gulf Coast and with shale-gas wells in the Rocky Mountains.
Energy investors have long hoped that falling prices would solve themselves by driving producers into bankruptcy and stanching the flood of excess supply. It turns out that while bankruptcy filings are up, they have barely impacted fossil-fuel markets.
About 70 U.S. oil and gas companies filed for bankruptcy in 2015 and 2016. They now produce the equivalent of about 1 million barrels a day, about the sam…
Read the full article at: http://www.wsj.com/articles/bankruptcy-bust-how-zombie-companies-are-killing-the-oil-rally-1477259504
