Speed of response key to post-Covid recovery
The shale patch may face a prolonged road back to health, agree the PE Live 1 panellists
Saudi Arabia’s 2014 attempt to drive US shale out of the market was an abject failure, ultimately leading to it having to make common ground with Russia. But the robustness US producers showed then may not be repeated in 2020. “The big difference is that, last time around, there was ample capital to finance companies going through restructuring,” says EY’s Brogan. “So, while not all of the companies came through intact, most of the assets did. “This time around, shale had already become an unpopular investment, at least from private sources. On both the debt and equity side, the capital to keep shale going is not there to anything like the extent it was the last time,” he continues. Brogan d
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