NEW YORK, February 17. Maintain profitability when the price of oil at $15 per barrel can now already 95% of the oil companies in the world. This is the conclusion reached by the authors of the report published today by consulting firm Deloitte.
This suggests that the industry could reduce costs compared with 2014, when only 65% of producers were able to continue production at this level, as noted in Deloitte.
At the same time, Deloitte believes that about one-third of oil companies in the world run the risk of bankruptcy in the current year. The reason experts see the drop in oil prices and the decline in the value of assets, which makes it difficult to pay off debt.
Experts Deloitte reviewed the financial status of more than 500 global oil and gas companies, whose shares are traded on the stock exchange, and concluded that approximately 175 of them have accumulated a total debt of $150 billion and therefore have a high risk of bankruptcy. Their ability to raise cash is complicated by the fall in the value of oil assets.
“These companies postponed the issue until later, until it was possible, and now they run the risk of giving ends. The whole problem – liquidity,” – said the head of Deloitte corporate restructuring William Snyder.
In Deloitte noted that service companies of the oil sector have a lower risk of insolvency than mining, due to lower level of their capital expenditures. Over time, however, they may also begin to experience liquidity problems, experts say.