Shale Oil & Other People’s Money by Oily Stuff, February 12, 2020
The Little Rascals
In honor of Whiting Petroleum, one of the original Big Four in the Williston Basin hitting $2.54 today, down from a high of $370 in 2014, we offer up this image of how carefully they used other people’s money to grow their shale oil “manufacturing machine.” Chesapeake, the poster child for shale gas development, similiarly is as good as in the toilet, flushed. Another really big one will come up in a bad way before the end of the year, watch.
Refer also to:
Ovintiv/Encana, Chevron, Exxon et al deeply deserve this! CNBC’s Jim Cramer: “I’m done with fossil fuels … they’re just done. We’re starting to see divestment all over the world. … It’s going to be a parade that says, ‘Look, these are tobacco and we’re not going to own them.’ … Younger people don’t want to own them. The dividends are great…but you can tell that the world’s turned on them. It’s actually happening really quickly.”