U.S. shale oil boom goes bust as investors balk at unrestrained production [Toronto Globe and Mail (Ontario, Canada)]
Obsidian Energy Ltd. (OBE)
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Source: Toronto Globe and Mail
U.S. shale oil boom goes bust as investors balk at unrestrained production The energy bust that clobbered Canada’s oil patch has spread south of the border. For years, the U.S. oil and gas industry remained resilient even as its Canadian counterpart fell out of favour with investors and global energy giants fled the country. But now, high fliers in the U.S. oil industry have succumbed to a bear-market playbook well known in Canada. Market sentiment has turned against the sector, bankruptcies have jumped, drilling is in sharp decline and exploration and production (E&P) stocks have crumbled, all despite a 2-per-cent rise in U.S. crude prices so far this year. Story continues below advertisement The U.S. shale revolution is in turmoil. Investors have grown intolerant of unrestrained production by companies that favour growth over profitability, fuelled by a constant influx of capital. In a world awash in oil supply, investors are increasingly demanding something else of U.S. energy comp
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- 10/31/24 - Form 6-K
- OBE's page on the SEC website