2020 hasn’t been kind to the energy sector, and a growing wave of energy bankruptcies has started to build.
After a difficult year marred by rising geopolitical tensions in the Middle East and crude prices in the $50-60 per barrel range, analysts warned that the energy sector needed a strong recovery to offset a rising (and expiring) mountain of debt.
Instead, the oil patch has seen one bombshell after another, and the impacts are adding up.
Fueling the Wave’s Growth
The new year opened with a U.S. attack on a top-ranking Iranian general in Baghdad, followed by an Iranian counterattack on two bases in Iraq that hosted U.S. military personnel.
Then, the energy industry worried that the Organization of the Petroleum Exporting Countries (OPEC) wouldn’t renew its production deal with non-member countries, causing increased production and negative pressure on crude prices.
All the while, the threat of COVID-19 grew and started to spread. In March, the new coronavirus hit markets hardest, right as the OPEC+ deal collapsed. Russia and Saudi Arabia subsequently flooded the markets with cheap oil, starting a price war to drive out competition.
What developed was the perfect storm of nonexistent demand matched up against oversupply. Crude prices plummeted and hit a historic sub-zero low on April 20th, with futures for West Texas Intermediate (WTI) Crude closing at -$37.63.
The Wave’s Initial Damage
Now, following a renewed OPEC+ deal limiting production agreed upon on April 9th and slowly restarting economies driving up crude demand, prices have started to tick up.
Unfortunately, the damage has already been done and will take a long time to recover. By charting the sector’s bankruptcies over the first half of 2020—tracked by law firm Haynes and Boone, LLP for the U.S. and Insolvency Insider for Canada—we can see the wave start to swell:
|Company Type||Q1 Bankruptcies||Q2 Bankruptcies||Total (H1 2020)|
|Oil & Gas Producer||7||18||25|
For oil and gas producers, the second quarter of 2020 saw 18 bankruptcies, the highest quarterly total since 2016.
So far, they’re largely centered in the U.S., which saw a boom of surface-level shale oil production in the 2010’s to take advantage of rising crude prices. As prices have dropped, many heavily leveraged companies have started to run out of options.
|Company Type||Q1 Total Debt||Q2 Total Debt||Total (H1 2020)|
|Oil & Gas Producer||$1.4 billion||$29.2 billion||$30.7 billion|
|Oilfield Services||$10.8 billion||$13.2 billion||$24 billion|
|Midstream Services||$0.2 billion||$0.2 billion||$0.5 billion|
|Total||$12.5 billion||$42.7 billion||$55.1 billion|
The biggest victim in the first half of 2020 was Chesapeake Energy, a shale giant that declared bankruptcy on June 28 with more than $9 billion in debt.
Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. However, the number of cases in Canada is far fewer than in the United States.
One reason is that companies staved off bankruptcy or receivership in four of the seven insolvency cases in Canada since January 2020, at least temporarily. Instead, they are seeking protection under the country’s Companies’ Creditors Arrangement Act, giving them a chance to restructure and avoid insolvency.
A Prolonged Fallout
Another reason for the discrepancy in bankruptcy numbers is timing. The energy sector faced its biggest challenges in 2015/2016, causing many companies to take on debt.
Unfortunately, much of that debt is starting to expire, or becoming too difficult to pay off in the current market conditions.
That’s why, despite the wave of bankruptcies caused by COVID-19 gaining steam, the wave will continue well into 2020 and likely beyond.
July has already seen more companies declaring bankruptcy or seeking creditor protection. The question is, how many more are waiting to surface?
Grand Opening of the 25th China (Guzhen) International Lighting Fair
At 10 a.m., the 25th GILF was officially opened in the presence of attending leaders, guests, industry colleagues and media friends. Leaders of the China Association of Lighting Industry (CALI), Zhongshan Municipal People’s Government and Guzhen Town People’s Government addressed the opening ceremony.
Subsequent activities included reading the Notice on Continuing to Grant Guzhen Town, Zhongshan City, Guangdong Province the Title of “China’s Lighting Capital” and the Awarding Decisions on the 2020 (Guzhen) China International Lighting Design Awards and convening the Awarding Ceremony of the 2020 (Guzhen) China International Lighting Design Awards and the Signing Ceremony of Zhongshan Intelligent Pole Industry Association.
Driving Industrial Upgrading with Intelligent Manufacturing and Original Design
The GILF set up different exhibition areas for smart home lighting, interior decorative lighting, residential lighting, commercial lighting, outdoor lighting, commercial lighting, special-purpose lighting, mechanical equipment and lighting accessories. Hundreds of LED products of were exhibited at the fair, among which the intelligent lighting applying 5G technology, intelligent pole and healthy lighting products were the main exhibits of many manufacturers.
1+7 Venues Enjoying High Popularity by Gathering Famous Enterprises
The main venue welcomed 845 enterprises, including Songpu Lighting, Yuefeng Lighting, Zhenhui Fire Technology, Sence Lighting, Mingjian Lighting, Chuanglite Lighting, Puye Lighting, Dark Energy Power, Zhongyi Lighting, etc.
Sub-venues held events respectively along with thousands of lighting brands. Lihe Lighting Expo Center held the Global Lighting Art Shopping Festival with 517 exhibitors. Huayi Plaza held the Global Lighting Shopping Festival with 300 exhibitors. Star Alliance convened the 2020 Autumn New Product Conference for Star Alliance Brands with 400 large enterprises. Lighting Era welcomed 110 exhibitors Besun Plaza welcomed 39 exhibitors. Huayu Plaza, a Chinese light mall, held the 2020 Autumn Chinese Lighting Cultural Festival jointly with 28 Chinese light exhibitors. Streetlight City welcomed 85 well-known exhibitors.
Accurate Connection Between Global Buyers and Exhibitors Both Online and Offline
The GILF launched the Hosted Buyer Program Go Online to present an exhibition trio: factory show, on-site booth, and EZBUY based on B2B website-Denggle.com, allowing overseas buyers who are unable to visit the exhibition to communicate with suppliers regardless of time and space constraints.
Industry Think Tanks Offering Useful Insights at Wonderful Forums
Forums included the Intelligent Light Pole Industry Development Forum, the Seminar on the Quality and Safety of Lamps for Primary and Secondary School Students in Guangdong Province and Quality Promotion Campaign of Guangdong Lighting Electric Equipment Hospitals, the Intelligent Agricultural Lighting Innovation Forum and the 7th LED Pioneering Conference are held during the exhibition. Series of online lectures on the lighting industry are live-streamed on Cali-light.com concurrently.
Keeping a foothold on the source of the lighting industry, GILF has provided high quality products for buyers from all over the world. In this peak season of October, the GILF, with its 1+7 venues covering an area of 1,500,000 sqm, will create a brilliant future with the lighting industry in China.
SOURCE Guzhen Lighting Expo Co., Ltd
World’s Sole Owner of PERKLONE and TRIKLONE Now Supplying Saudi Arabia Oil & Petroleum Refineries; PERKLONE EXT; Catalyst grade, UOP Approved
Perklone™ EXT ( Catalyst grade / refineries applications / Isomerization grade)
Perklone™ EXT ( Tetrachloroethylene /Perchloroethylene)
Perklone™ EXT (our branded product ( ICI Perklone EXT ; UOP approved product )
Banner Chemicals UK now offers to the Saudi Oil Refineries the UK unique product:
Perchloroethylene PCE (branded PERKLONE™ EXT)
Dr. Maggie Kessler, Export Director of Banner Chemicals says:
“We are delighted to supply PERKLONE EXT to Saudi Arabia. We have already seen great interest and satisfaction from our Saudi customers. We have supplied PERKLONE EXT to most refineries to worldwide, including to some of the world’s largest oil refineries. With our dedicated and committed team, the international recognition for PERKLONE EXT is growing worldwide and we look forward to sharing our success with Saudi customers.”
Banner Chemicals exclusively supply all grades of METHYLENE CHLORIDE PRIME, PERKLONE and TRIKLONE brands, Including MEC Prime PHARMA , TRIKLONE U , TRIKLONE LE, PERKLONE MD, PERKLONE D and PERKLONE EXT
PERKLONE, TRIKLONE, MEC Prime are registered trademarks supplied GLOBALLY and EXCLUSIVELY by Banner Chemicals UK
- All products are manufactured under ISO9001 from premium quality feedstocks and of 99.99% pure
About Banner Chemicals UK
Dr. Maggie Kessler, Export Director of Banner Chemicals says:
“The additional of Triklone U (High- Purity Trichloroethylene) to our Aerospace military ASTM range of solvents gives Banner Chemicals strong position in the chlorinated industry. This includes, Triklone U for: Caprolactam industry, Vulcanising and Adhesives industry (for rubber, tyres & and conveyor-belts).”
Release Summary / keywords:
Trichloroethylene, TCE, TRICK, Trikchlor, TRIKLONE
Perchloroethylene, PCE, PERC, Perchlor, PERKLONE
ATMS Metal Degreasing
PERKLONE & TRIKLONE Aerospace approved degreasers
PERKLONE & TRIKLONE Metal degreasing / Metal cleaning grades
PERKLONE EXT Catalyst grade, Isomerization grade
PERKLONE D Dry-cleaning
TRIKLONE U for: Caprolactam industry,
TRIKLONE U for: Vulcanising and Adhesives industry
TRIKLONE U for: for rubber, tyres & and conveyor-belts
Contact: Dr. Maggie Kessler, telephone: +44-1928-597-000, email address: [email protected]
SOURCE Banner Chemicals UK
EV Charge Holding Limited sichert sich 15 Millionen Euro von GEM
ZHENGZHOU, China, 24. Oktober 2020 /PRNewswire/ — EV Charge Holding Ltd. (EV Charge), ein Unternehmen für elektrische Ladelösungen, das nach britischem Recht gegründet wurde und dessen eingetragener Sitz sich in 20-22 Wenlock Road, London, England, N1 7GU, befindet, gab bekannt, dass es mit GEM Global Yield LLC SCS („GEM”), der privaten alternativen Investmentgruppe mit Sitz in Luxemburg, eine Vereinbarung unterzeichnet hat, um EV Charge nach einer öffentlichen Notierung von EV Charge-Stammaktien an einer akkreditierten internationalen Börse über eine Laufzeit von drei Jahren bis zu 15 Mio. EUR bereitzustellen. EV Charge wird die Mittel für die Entwicklung der Infrastruktur zum Laden von Elektrofahrzeugen verwenden.
Die anfänglichen 15 Mio. EUR werden in Form einer Kapitalzusage bereitgestellt, die es EV Charge ermöglicht, während der dreijährigen Laufzeit Mittel durch die Ausgabe von Aktien für das Stammkapital von EV Charge an GEM (oder andere Personen oder Einrichtungen, die von GEM geleitet werden) und vorbehaltlich der bestehenden Vereinbarungen über die Gewährung von Darlehen auf Aktienbasis abzurufen.
EV Charge kontrolliert den Zeitpunkt und den Höchstbetrag jeder Inanspruchnahme dieser Fazilität und hat keine Mindestabnahmeverpflichtung. Gleichzeitig mit einer öffentlichen Notierung von EV Charge-Aktien wird das Unternehmen Optionsscheine an GEM ausgeben, um bis zu zehn Prozent (10 %) der ausstehenden Stammaktien des Unternehmens auf einer vollständig verwässerten Basis zu erwerben. Die Optionsscheine werden einen Ausübungspreis pro Aktie haben, der dem Schlusskurs der Aktien am ersten Handelstag nach der öffentlichen Notierung seiner Aktien entspricht.
Über EV Charge
EV Charge widmet sich der Entwicklung der Infrastruktur zum Laden von Elektrofahrzeugen. Elektrische Ladestationen werden dazu beitragen, Kosten zu senken und die Umweltverschmutzung zu reduzieren.
Informationen zu GEM Group
Global Emerging Markets ist eine Gruppe für alternative Investitionen mit Sitz in Paris, New York und Los Angeles. GEM verwaltet eine Vielzahl von Anlagevehikeln mit Schwerpunkt auf aufstrebenden Märkten, die der Gruppe und ihren Anlegern ein diversifiziertes Portfolio von Anlageklassen bieten, welche das globale private Anlagespektrum abdecken. Jedes Anlagevehikel hat ein unterschiedliches Maß an operativer Kontrolle und risikobereinigter Rendite sowie auch ein unterschiedliches Liquiditätsprofil. Mit den Fonds und Investitionsvehikeln bieten GEM und seine Partner Anlegern die Möglichkeit eines Engagements bei: Small-Mid Cap Management-Buyouts, privaten Investitionen in öffentliche Aktien (PIPEs) und ausgewählten Risikoinvestitionen.
SOURCE EV Charge
Top 10 Blockchain-as-a-Service (BaaS) Providers
Where to Find the Electirizer and Magmarizer in Pokémon Sword and Shield’s The Crown Tundra expansion
How to get Electabuzz and Electivire in Pokémon Sword and Shield’s The Crown Tundra expansion
Cloud9 terminate contracts of JT, motm, Sonic, T.c
How to get Absol in Pokémon Sword and Shield’s The Crown Tundra expansion
Loops Esports’ Federal named MVP of the PMPL Americas season 2
Loops Esports win PMPL Americas season 2, 3 teams qualify for the PMGC
How to evolve Tyrunt and Amaura in Pokémon Sword and Shield’s The Crown Tundra expansion
Here are the scores and standings for the PUBG Mobile EMEA League 2020 Finals
PUBG Mobile Global Championship to highlight player achievements with Esports Annual Awards 2020
Rivals League member Emma Handy on her first top finish at the 2020 Grand Finals
Best moveset for Sirfetch’d in Pokémon Go
How to get Galarian Yamask in Pokémon Go
How to Climb in Fall Guys
Phasmophobia Server Version Mismatch: How to Fix the Error
Animal Crossing Nintendo Switch Bundle Restocked and Available Again
Animal Crossing Joe Biden: Visiting Joe Biden’s Animal Crossing Island
Among Us Matchmaker is Full: How to Fix the Error
How to get the Reins of Unity in Pokémon Sword and Shield’s The Crown Tundra expansion
Apex Legends Season 7 UFO Teaser Arrives In-Game
Bjergsen Retires, Takes Up Head Coach Role for Team SoloMid
Heroic beat Astralis to complete lower bracket gauntlet, reach final at DreamHack Open Fall
How to get Victini in Pokémon Sword and Shield’s The Crown Tundra expansion
How to “head to the Giant’s Bed to find the Mayor” in Pokémon Sword and Shield’s The Crown Tundra expansion
How to complete Legendary Clue? 4 and catch Necrozma in Pokémon Sword and Shield’s The Crown Tundra expansion
TSM Doublelift: “The entire Worlds experience after the first week, we probably had a 10-percent win rate in scrims”
Call of Duty: Warzone players report game-breaking glitch at the start of matches
All Minecraft MC Championship 11 teams
Washington Justice re-signs Decay, acquires Mag
Silver Lining Warzone Blueprint: How to Get
League of Legends pros react to Bjergsen’s retirement announcement
Comstock Warzone Blueprint: How to Get
Concerns Arise as North Korea’s Financial Services Commission Unsure of Its Cryptocurrency Mandate
Genshin Impact Resin System Change Introduced in Latest Patch
Revolution Warzone Blueprint: How to Get and Build
Red Crown Warzone Blueprint: How to Get
Animal Crossing’s Turnip Prices Will Hit All-Time High on ‘ Ally Island’
Black Ops Cold War Playstation Exclusive Zombie Mode Teased
BR Solo Survivor Warzone Mode Recently Added
Blinding Lights Fortnite Emote: How Much Does it Cost?
Techcrunch1 week ago
Original Content podcast: It’s hard to resist the silliness of ‘Emily in Paris’
Startups1 week ago
Solve the ‘dead equity’ problem with a longer founder vesting schedule
Blockchain5 days ago
Bitcoinnami Officially Launches on October 21, 2020
Startups1 week ago
Three views on the future of media startups
Startups1 week ago
Pear hosted its invite-only demo day online this year; here’s what you might have missed
Startups1 week ago
VCs reload ahead of the election as unicorns power ahead
AI1 week ago
How AI Revolutionize the Way Video Games Developed and Played
AR/VR1 week ago
‘Blaston’ is a Fantastically Creative VR ‘Shooter’ That’s All About Making You Move