Posthaste: It’s not just Chesapeake — these Canadian oil and gas companies are in trouble too

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Canadian oilpatch is also struggling to cope with the mess caused by the pandemic and the oil war

Chesapeake Energy Corp. is the depressed oil market’s latest victim — but it likely won’t be the last.

While the pandemic is to blame for demand destruction, Saudi Arabia and Russia are also responsible for triggering an oil market share war as the pandemic was unfolding in the first quarter, that pretty much smashed investor confidence. “The strategic process will explore a broad range of options and alternatives that may be available to the Company to address its liquidity challenges brought on by the significant deterioration in commodity prices, driven largely by the economic impact of the COVID-19 pandemic,” the company said.

The company also intends to pursue well abandonment funding from the federal and provincial government programs, to continue to reduce its well abandonment obligations.

Source: News Formal (newsformal.com)

 

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These companies have made so much money. They can't even stay solvent for a few months. Everyone expect regular folks to get by for months. Small businesses are holding on. Oil companies can't? Mismanagement of funds obviously.

Canadian pay a Carbon Tax as punishment for heating their homes in the Cold Canadian Winters. Then, the Canadian oil companies are paid money from the same Canadian government.

Maybe its time for two things. First a national pipeline so we use our own oil, while second, we start heavily investing in alternative energy technologies being develope HERE IN CANADA! We should be leading the world on this and it should include every province and territory.

Amazing how much public money is being wasted on these companies.

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