US Freight Shipments Fall Below 2014 Level. Answers Emerge | Wolf Street
While other industrial segments may be trying to scramble out of the decline, the oil-and-gas drilling industry is forced to cut back on purchasing equipment and machinery as money is drying up. Investors in these companies, which need much higher oil prices to be cash-flow-positive, are grappling with another existential crisis.
In 2019 so far, about three dozen oil-and-gas drillers have filed for bankruptcy. Other drillers, such as Chesapeake Energy, are jostling for position at the filing counter. They’re leaving investors exposed to heavy losses, including billionaires who thought they’d picked the bottom in 2016.