“Largest Foreign Bribery Case in History” Claims New Scalp: Former Pemex CEO by Don Quijones • May 30, 2019 • 21 Comments His lawyer suggests if the price is too high, he may be willing to take his friend, former president of Mexico, down with him.
Pemex, World’s Most Indebted Oil Company, Gets Government Bailout as Suppliers Gripe About Unpaid Bills by Don Quijones • Apr 15, 2019 • 19 Comments “Once. Only this year. Later on, that’s their problem”: Finance Minister. It doesn’t help that $3.4 billion in fuel was stolen in 2018, including by insiders. Crackdown now underway.
Time’s Running Out for World’s Most Indebted Oil Company by Don Quijones • Mar 10, 2019 • 23 Comments US rating agencies pressure Pemex and the new Mexican government. But Pemex is too big to fail.
Prepping for Bankruptcy, PG&E Secures $5.5 Billion in “Debtor-in-Possession” Financing. What is “DIP” Financing? by Wolf Richter • Jan 22, 2019 • 77 Comments Here’s how a soon-to-be bankrupt company that’ll default on all its debts can still borrow $5.5 billion.
Huge Backlog Could Trigger New Wave Of Shale Oil by Nick Cunningham • Jan 21, 2019 • 22 Comments Just what the crude oil market needs.
Bankruptcy Next, PG&E Says. Shares Down 90% in 15 Months. From “Investment Grade” to “Default” in Three Weeks? by Wolf Richter • Jan 14, 2019 • 89 Comments California’s rate payers & taxpayers likely on the hook, as we know from PG&E’s first bankruptcy in 2001.
Mexico Kicks Off War on its Vast Black Market for Oil by Don Quijones • Jan 1, 2019 • 18 Comments “It’s not easy to distribute and sell the pilfered contents of 600 pipelines each and every day.”
US Natural Gas Plunges, Unwinds Spike that Blew Up Hedge Fund by Wolf Richter • Dec 17, 2018 • 30 Comments After the blood has been let, the feeding frenzy subsides, which is also brutal.
The U.S. Oil Industry’s Dirty Little Secret by Nick Cunningham • Dec 13, 2018 • 65 Comments Because greater fuel economy for cars is toxic for the oil industry.
Parker Drilling Bankruptcy Kicks off “Oil Bust 2” by Wolf Richter • Dec 12, 2018 • 26 Comments But look how the bonds got manipulated up 24% in one minute at the close.
