TigerDog83 LSU Fan Member since Oct 2005 4135 posts
GMXR Chapter 11 - First of many? (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.
TJG210 LSU Fan New Orleans Member since Aug 2006 21975 posts Online
re: GMXR Chapter 11 - First of many? (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.