Down down down they go: Whiting Petroleum, one of the original Williston Basin Big Four, hit $2.54 today, down from 2014 high of $370

Shale Oil & Other People’s Money by Oily Stuff, February 12, 2020

The Little Rascals

In honor of Whiting Petroleum, one of the original Big Four in the Williston Basin hitting $2.54 today, down from a high of $370 in 2014, we offer up this image of how carefully they used other people’s money to grow their shale oil “manufacturing machine.” Chesapeake, the poster child for shale gas development, similiarly is as good as in the toilet, flushed. Another really big one will come up in a bad way before the end of the year, watch.

Refer also to:

Premier Jason Kenney’s 30 Million Dollar War Room Fails: The New York Times reports on global financial giants swearing off funding especially dirty fuel – Made in Alberta Tarshit!

Ovintiv/Encana, Chevron, Exxon et al deeply deserve this! CNBC’s Jim Cramer: “I’m done with fossil fuels … they’re just done. We’re starting to see divestment all over the world. … It’s going to be a parade that says, ‘Look, these are tobacco and we’re not going to own them.’ … Younger people don’t want to own them. The dividends are great…but you can tell that the world’s turned on them. It’s actually happening really quickly.”

Poor Encana Investors: “Shares are in the ‘penalty box.’” Newly name-changed, Bull-in-the-China-Shop Ovintiv started trading in US with new symbol OVV, shares drop (another) 9% over two days.

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