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Fitch: Defaults continue in US energy, despite higher oil prices
Oil & Gas Journal: Defaults are still occurring in US energy despite higher oil prices, said Fitch Ratings, pointing specifically at exploration and production companies.
In August 2016, the distress rate peaked with a 32.1% default rate for E&P companies. In January 2017 the default rate hit 19.7% for energy overall. While removed from those days, “lingering dislocations from shale and the lagged cleanup of capital structures is resulting in continued distressed debt exchanges (DDE) and Chapter 22 filings for speculative-grade E&P firms,” Fitch said.
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