28 Nov '15, 11pm

On The Cusp Of A Staggering Default Wave: The Energy Intelligence news and analysis creator and aggr... https://t.co/jnFz7ccUkW #Oil #BRK

“I could see a wave of defaults and bankruptcies on the scale of the telecoms, which triggered the 2001 recession ,” Timothy Smith, president of consultancy Petro Lucrum, told a Platts energy conference in Houston last week. Much has been made about the resiliency of US oil production in the face of low prices, but the truth is that many producers are maximizing their output — even unprofitable volumes — because they need the cash flow to service their debt (related ). “As an industry, we’re at the point where every dollar of free cash flow now goes to paying back debt,” Angle Capital’s Steve Ilkay told the same conference. Ilkay, who advises North American producers on asset management, said during the boom years of 2012-14 about 55% of the sector’s free cash flow, which is calculated by subtracting capital expenditures from operating cash flow, was allocated toward debt ...

Full article: http://peakoil.com/business/on-the-cusp-of-a-staggering-d...

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