Drillers Under Pressure as Low Prices, Broad Uncertainties Put Oil & Gas Industry’s Financial Prospects ‘In Limbo’


At a climate change conference in Paris last week, Fatih Birol, chief economist at the International Energy Agency, had a blunt message for energy companies. “We see some moves from energy companies in the direction of sustainable development. However, it is not at the level you would like to see,” Mr. Birol, who will be promoted to chief of the IEA in September, told those assembled. “If they think that their businesses are immune to the impacts of climate policy, they are making a strategic mistake.” Other experts sound a similar note, calling for changes so fast and sweeping that they would be like an “induced implosion.” Click here for reuse options! Tags: oilgascoalfinancialwall streetpensionsinvestorsIEAEIAclimate changeJoeseph StiglitzFatih Biroleconomistseconomicsinvestmentstocksplunging stockslow oil priceslow gas pricesbankruptciesriskystranded assetscarbon bubblefinancially stressedjunk bondsChapter 11revenuesincomebloombergStandard and PoorsS&Pcorporate debtcorporate debt defaultslayoffsshale royaltiesfossil fuelsChatham Houselossesshadow bankingFDICoil and gas auditinginsolventLNG


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