By David Wethe on 7/7/2020
HOUSTON (Bloomberg) --The shale industry is getting at least $2.4 billion in loans from the U.S. government’s Paycheck Protection Program aimed at helping businesses that are struggling with the impact of the coronavirus pandemic.
The program will benefit more than 16,000 oil and natural gas explorers and service providers, according to data released Monday and compiled by Bloomberg. Mach Resources LLC, the gas producer run by Chesapeake Energy Corp. co-founder Tom Ward, is among companies listed as receiving loans of $2 million to $5 million.
Shale explorers, which were already struggling with high debt levels before Covid-19 hit, had to weather the double whammy of plunging demand for fuel amid lockdowns and the worst crude price crash in history.
The aid is part of a broad program that includes almost 4.9 million loans. Below are a few of the other energy companies that were also included.
Receiving $5 million-$10 million loans:
- Aker Solutions
- Cimarron Energy
- EnerVest Operating
- Enterprise Offshore Drilling
- Forbes Energy Services
- W&T Offshore
Representatives for the seven companies didn’t immediately reply to requests for comment.
"assistance" - Google News
July 07, 2020 at 05:55PM
https://ift.tt/2AH5lc4
Shale companies receive more than $2.4 billion in pandemic assistance - WorldOil
"assistance" - Google News
https://ift.tt/2Ne4zX9
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Shale companies receive more than $2.4 billion in pandemic assistance - WorldOil"
Post a Comment