NationofChange
“Banks are losing money and investors are stuck in investments they can’t get rid of.”
The outlook is increasingly bleak for oil and gas companies. The
beginning of this year has seen the highest number of companies announce bankruptcy during the first quarter in five years. Eight oil and gas companies announced they were filing for bankruptcy during the first quarter of 2021.
Meanwhile, earlier this month The Financial Times noted that of 500 privately owned oil and gas companies in the U.S.,
400 are losing money and unlikely to ever pay back their large debts.
According to the Financial Times, the remaining companies are focused on
Companies Recovering From COVID-Induced Distress Offer Promise forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Marathon Oil (MRO) to Redeem $500M Senior Notes to Ease Debt Load Zacks.com 3 days ago
Marathon Oil Corporation MRO entered a transaction to fully redeem the $500 million in aggregate outstanding principal amount of its 2.8% senior notes due 2022.
Popular Searches
Notably, the company will redeem the aforementioned senior notes on Apr 29, 2021.
The transaction will result in a $500-million reduction in gross debt and annual cash interest expenses by $14 million. Importantly, the transaction aligns with the company’s pledge to reduce gross debt by $500 million in 2021 to strengthen its balance sheet.
Marathon Oil is involved in prolific oil-producing resource plays, including the Eagle Ford in Texas, the Bakken in North Dakota, the STACK and SCOOP in Oklahoma, and the Permian Basin in New Mexico. Also, it has international production and operations in Equatorial Guinea, located on the west coast of South Africa.
Advertisement
COVID-19 and sustainability will continue to heavily impact the oil and gas industry, according to data and analytics company GlobalData, which has identified the top 20 themes set to have the most influence on the sector.
GlobalData’s report, ‘Top 20 Oil and Gas Themes, 2021 – Thematic Research’, also identifies the other key themes that will shape the industry in 2021, such as renewable energy, hydrogen, electric vehicles (EV), energy storage, LNG and gas flaring.
Ravindra Puranik, Oil and Gas Analyst at GlobalData, said: “Tech themes such as robotics, industrial internet, artificial intelligence (AI), big data, cloud computing and cybersecurity will be of paramount importance as the industry looks to become more efficient. Oil and gas companies are likely to take a varied approach concerning different tech themes, depending upon their immediate requirements. Cloud computing and cybersecurity themes will come to the fore with the post-pandemic new normal
Data and analytics company GlobalData has identified several themes that are set to have the most influence on the oil and gas sector this year.
Data and analytics company GlobalData has identified several themes that are “set to have the most influence” on the oil and gas sector this year.
According to the company, Covid-19 and sustainability will continue to heavily impact the oil and gas industry. Other key themes that will shape the sector in 2021 include topics such as renewable energy, hydrogen, electric vehicles, energy storage, liquefied natural gas, and gas flaring, as well as others, the company outlined.