Following the earlier article on the cost of the oil price war on Saudi Arabia, across the Atlantic in the US, shale oil companies had not fared any better as well as many reported huge losses in Q2 results. barely a few were cash flow positive.
Collectively the top ten largest shale oil companies earned combined profits of nearly US$3.5B in Q2 2014. In Q2 2015, the same companies reported losses of nearly US$15B. How would they perform in Q3 2015 given that oil price has fallen to US$41 - US$42 per barrel? Definitely worse than Q2.
Read the articles here:
http://www.reuters.com/article/2015/08/12/usa-shale-kemp-idUSL5N10M3HA20150812
http://www.wallstreetdaily.com/2015/08/17/u-s-shale-oil-overproduction/
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