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Re: OilDoggy, nice to see you back!!! This sure beats replacing old furnaces and refrigerators for rentals, I know too!! Good point on the expense side. I follow one small firm more closely and they are in the middle of cap ex for 2015 and hope for good progress on the lease rigging front. They should let all know in a few weeks, it will be interesting and as you say likely far better on that front. The first guys I am seeing go down are actually in the serving sector. HOUSTON — Green Field Energy Services, which uses natural gas to run its hydraulic fracturing equipment, filed for bankruptcy protection on Sunday after defaulting on payments for two loans. Green Field, which has an $80 million loan from Shell, defaulted last month on a payment, according to court filings. The company also defaulted this month on a separate, $250 million loan, from Wilmington Trust, according to the filing. Green Field is the only company so far that has been able to run fracturing equipment on 100 percent natural gas. Shell has been its top customer, accounting for 79 percent of Green Field’s $144 million in revenue last year, according to court filings. But the company started offering its fracturing services at a time when competitors were expanding and other companies were entering the market, creating a sudden glut in equipment, Green Field President Enrique Fontova said in an interview |
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