Energy Extraction

摘要

Oil prices plunged 40%, to their lowest inflation-adjusted levels in 25 years. Firms that borrowed heavily to acquire reserves when oil was selling for $18 a barrel were squeezed when it fell to $11. Some will go bankrupt. Only the leanest and most efficient firms can survive: The Exxon-Mobil deal should be seen in this light—as a way of squeezing out duplicative overhead in a low-profit business. Yes, the industry will rise again. The trick will be to get through the next few years.