3 Oil Companies That Could Go Bankrupt in 2020
The oil and gas industry hasn't been kind to investors as of late. The Energy Select Sector SPDR ETF, which tracks the sector, has lost nearly half its value so far this year. Prices for West Texas Intermediate (WTI) and Brent crude oil, the two most commonly quoted benchmarks, are down 34% and 38%, respectively.
Top oil companies with solid balance sheets should have what it takes to endure this downturn, but smaller companies with concentrated business models may not. Onshore driller Patterson-UTI Energy (NASDAQ: PTEN), exploration and production company, Diamondback Energy (NASDAQ: FANG), and oilfield services company National Oilwell Varco (NYSE: NOV) are all struggling mightily. Here's what's going wrong with each company.
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Source Fool.com