On December 6th, the LSTA hosted a webinar on “Trends in Oil and Gas Syndicated Loans” presented by members of the Houston-based Haynes and Boone team – Jeff Nichols, Austin Elam, Brent Schultz, and Katy Shurin. By 3Q18, the US became the largest crude oil producer in the world and, as recently as September 2018, there were predictions that crude prices would reach around $100 barrel by year end. But how quickly things change, and with a market sell-off in October and demand concerns, prices declined rapidly from $75 barrel all the way down to the high 40s.
On Tuesday, the LSTA hosted a CLE presentation by Haynes & Boone, Is There Light at the End of the Tunnel for Oil & Gas Companies? Unlike the last two years which saw one of the deepest dives in the U.S. oil & gas industry, 2017 seems brighter. Oil prices have stabilized at about $50 per barrel and, moreover, oil & gas companies have cut their operating expenses in half permitting profitability at oil prices where they might not have broken even before the recent oil price crash. Further good news is that the crude market is currently in deficit and demand is set to outpace production through the end of 2017.
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