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GMXR Chapter 11 - First of many?
Posted on 4/2/13 at 12:18 pm
Posted on 4/2/13 at 12:18 pm
Saw where GMX Resources has recently filed for Chapter 11 bankruptcy protection. It makes me wonder if this is the first domino to fall for heavily weighted natural gas producers. I am speculating that some other companies could be in trouble if the low gas prices persist, including some big names like Encana. Unless we return to a scenario with gas prices sustained above $5.50/mcf I can see more of these companies going down.
2
Posted on 4/2/13 at 2:31 pm to TigerDog83
Posted on 4/2/13 at 2:47 pm to TigerDog83
This is why I wouldn't want to hold XOM......I understand their bread and butter is oil, but all of the Nat Gas production they purchased from XTO is probably a huge albatross around their neck.
If the government actually gave a rats arse about the environment or sustainable energy, they would shitcan Ethanol and start converting cars and developing infrastructure so that nat gas could be used as an alternate fuel.
If the government actually gave a rats arse about the environment or sustainable energy, they would shitcan Ethanol and start converting cars and developing infrastructure so that nat gas could be used as an alternate fuel.
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