Debt At The Big 4 Oil Companies Hits A Record $184 Billion
by Tyler Durden
ZeroHedge.com
Aug 24, 2016
So what do you do when the commodity you harvest and sell suddenly collapses by 50-60% and slashes your operating profit? If you said, raise a whole bunch of debt and continue spending on new capital projects to drill for even more supply in a collapsing market then you might be an oil CEO. The Wall Street Journal this morning pointed out that raising debt to cover cash burn is exactly what the largest oil companies in the world are doing. In fact, the 4 largest oil companies have doubled their net debt positions since 2014 when the oil selloff started.
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