It seems like every couple days another oilfield company declares Chapter 11. Against this bankruptcy backdrop, we consider the future of oilfield services… There’s a lot more to this story… Login to see the full update… To read this update and receive our research newsletters, you must be a member. …
Read More »A Boost At The Bottom – PPP Money Flowed Mightily Into The Frac Supply Chain As Crews Fell [Chart Of The Day]
Clearly, based on the following table, the PPP loan program provided a material source of capital for many smaller firms in the US oilfield at the cyclical bottom, specifically those in the often ignored frac supply chain. Good! We are happy to see that employees in this critical segment of …
Read More »This Oil Price Drop Has Triggered A Nearly Simultaneous Restructuring Response
With oilfield bankruptcy and restructuring news heating up into 2H20, the industry has fallen into low-cycle restructuring mode much more expediently than in prior cycles. We take a look at some interesting correleations and discuss what it might mean going forward in this chart of the day update… There’s a …
Read More »Bankruptcy Claims A 14th Major Casualty In Frac Sand… The Biggest Name So Far
Several weeks ago and again on Tuesday, we highlighted a group of oilfield firms that had yet to report 1Q20 earnings. We warned towards the end of the post that some might announce restructuring along with earnings. On Thursday, several of them did just that. One of them is the …
Read More »Thinning The Herd – The Public E&P Universe Is Shrinking Via M&A, Delistings
On the heels of yet another combination of public E&P operators this morning (PDC Energy and SRC Energy), we spent some time thinking about the expansion, peak and contraction of the public E&P universe. There’s a lot more to this story… Login to see the full update… To read this …
Read More »It’s Not Just E&Ps That Are Separating Oilfield Water Midstream Businesses…
We’ve seen plenty of E&P divestitures of water midstream assets to third-party water pure-plays over the past 12 months. But oilfield service firms can also benefit from… There’s a lot more to this story… Login to see the full update… To read this update and receive our research newsletters, you …
Read More »Secret Conference Rooms, Intimidating Private Investigators, And Undisclosed Private Planes… Just Another Day In The TPL Power Struggle
In the struggle for control of Texas Pacific Land Trust, accusations are flying hot and heavy. The battle between the activist investor and incumbent trustees is not just playing out in the press any more. It’s going to court. Both sides have sued each other since our last update. Here’s …
Read More »An Invitation To Join Us To Discuss Oilfield Water Management
This June 21st in Downtown Houston, US oil industry leaders will gather to discuss oilfield water’s evolving business model, market structure, and finance trends. Oilfield Water: Identifying & Financing The Right Solution is the first-ever conference devoted entirely to the business side of oilfield water. This segment now poses structural …
Read More »What Oxy’s Competing Bid Means For The Tight Oil M&A Landscape
When Chevron bid for Anadarko two weeks ago, the first line of Infill Thinking’s newsletter that day underscored the importance of Oxy’s failed bid. “The most interesting headline coming out of today’s Mega-Scale M&A news might actually be Oxy’s failed bid for Anadarko.” – Infill Thinking Headline From 4/12/19 Come …
Read More »$6.2 Billion Worth Of Oilfield IPOs Are Evidence Of A Race To The Bottom
It won’t come as a surprise to most of our readers that a slew of O&G IPOs are coming to market. Instead of rubbing our hands together with excitement, perhaps we should be wringing them in worry. We are now monitoring about 20 US onshore oilfield IPO deals collectively sized at …
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