About 150 oil and gas companies tracked by energy consultant IHS Inc may go bust as a supply glut pressures prices and punishes revenues.
The number of companies at risk was more than twice the 60 producers that have already filed for bankruptcy, Bob Fryklund, chief upstream analyst at IHS, said in an interview. A further shake out would help stimulate deals that have been on hold because buyers and sellers had disagreed on asset values, he said.
Oil has collapsed about 70% over the past two years as US shale producers boosted output and the Organisation of Petroleum Exporting Countries flooded the market with crude to drive out higher-cost suppliers.
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The number of companies at risk was more than twice the 60 producers that have already filed for bankruptcy, Bob Fryklund, chief upstream analyst at IHS, said in an interview. A further shake out would help stimulate deals that have been on hold because buyers and sellers had disagreed on asset values, he said.
Oil has collapsed about 70% over the past two years as US shale producers boosted output and the Organisation of Petroleum Exporting Countries flooded the market with crude to drive out higher-cost suppliers.
For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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