It has been a catastrophically bad year for shale, and few (if any) could have predicted the industrys struggles this year. The most notable of those struggles came in April when the West Texas Intermediate crude benchmark plunged below zero and into uncharted territory. The previously unthinkable price crash was spurred by a series of unfortunate events: the spread of the novel coronavirus caused a drop in global oil demand, which in turn caused the OPEC+ leaders to turn against one another, which fomented an all-out oil price war and global supply glut that maxed out
oil storage around the world and sent the markets into pandemonium. In the Permian Basin, the fallout has been legions of fired and furloughed employees, a wave of bankru…
Read the full article at: https://oilprice.com/Energy/Energy-General/Shale-Executives-Make-Millions-As-Their-Company-Goes-Bankrupt.html
