Read time: 16 mins By Justin Mikulka • Tuesday, December 22, 2020 - 07:26
After over a decade of the much-hyped U.S. fracking miracle, the U.S. oil and gas industry is having to deal with years of losses and falling asset values which has dealt the industry a serious financial blow. This is despite the fracking revolution delivering record oil and gas production for the past decade, peaking in 2019.
While the pandemic has hurt the industry, companies have also benefited from excessive bailouts from pandemic relief programs but these bailouts are a stop gap financial band-aid for the struggling industry.
The oil and gas industry has always required huge amounts of money to explore for and produce oil and gas but up until now the industry made returns on those investments
Filling the Void Photo: Jason E. Kaplan Marion Weatherford at his wheat and wind farm on the Columbia plateau
The growth of wind and solar industries brings a critical source of revenue and jobs to rural counties, and the occasional dustup over land use.
Driving south on Highway 19 from Arlington on the Columbia River, the road climbs steadily through rolling hills. After only a few miles, the road reaches the Columbia plateau, where dryland wheat farms stretch as far as the eye can see.
Marion Weatherford owns a wheat farm on the plateau close to where his family has been farming for five generations. “Our great-great-grandfather came over on the Oregon Trail when he was 16, in 1860,” Weatherford says. In 1881 he started farming wheat.
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Pandemic Tests Rolls-Royce Resilience After Prolonged Engine Trouble
Engine makers were locked in a long-running chess game even before the pandemic, which analysts say Rolls entered more dependent on out-of-favour intercontinental jets than its most direct rival General Electric.
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Rolls-Royce may be the jewel in Britain s industrial crown, but the coronavirus crisis has left the engine-maker facing one of the toughest challenges in its 114-year history.
The Airbus and Boeing supplier bought itself time by raising 5 billion pounds ($6.8 billion) to survive the global grounding of planes, but is warning that 2020 will be even worse than expected.
Synopsis
The Airbus and Boeing supplier bought itself time by raising 5 billion pounds ($6.8 billion) to survive the global grounding of planes, but is warning that 2020 will be even worse than expected.
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Before it secured extra funds in November, analysts had raised the possibility that the maker of powerplants for British nuclear submarines might need to be saved by the state.
LONDON/PARIS: Rolls-Royce may be the jewel in Britain s industrial crown, but the coronavirus crisis has left the engine-maker facing one of the toughest challenges in its 114-year history.
The Airbus and Boeing supplier bought itself time by raising 5 billion pounds ($6.8 billion) to survive the global grounding of planes, but is warning that 2020 will be even worse than expected.