by Steve St. Angelo
If the carnage that took place in the U.S. shale oil patch during the first quarter of 2020 is any indication of the financial health of the industry, just wait until the second-quarter results are released. Yes, there’s going to be serious BLOODSHED in the shale industry come early August.
While I knew several shale companies posted significant impairment write-offs last quarter, I had no idea of the extent of the damage. Just about every shale oil company posted an impairment write-off in their Q1 2020 results. And, when we add up the total for the leading twelve shale companies, it was a stunning $40 billion: