Infill Thinking Lifting the O&G knowledge curve
Inside of 24 hours, two highly leveraged US onshore oilfield services companies – Basic Energy Services and Key Energy Services – each delivered Chapter 11 bankruptcy news to the market. Neither development comes as a surprise as both companies have been working on restructuring arrangements for the better part of 2016. But the timing of the twin bankruptcy announcements is ironic as it coincides with a widespread return of optimism to the US oilfield over the past several weeks.
The announcements serve as a sobering reminder that the effects of the downturn will continue to be felt well into the healing process. They also act as a reminder of just whose back the recovery is occurring on.
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