The names on this list are by no means alone. It wasn’t the greatest year for the industry as a whole, which makes the situations of these select names especially dire. With that said, we hope they’re able to bounce back in 2017, along with the rest of the industry.
Here are a few oil and gas names that had a pretty awful 2016.
In May of 2016, SandRidge Energy filed for bankruptcy protection. Since 2015, nearly 80 North American energy companies have declared bankruptcy, and SandRidge looked as if they were about to go under as well. However, news came in October that the company shed $3.7 billion in their company reorganization, surviving one of the harshest years ever for the normally strong industry.
In April ExxonMobil lost their AAA credit rating because of the steady tumble in oil prices across the board. And just recently news came that Rex Tillerson would be stepping down as CEO to become Secretary of State. This is just a taste of the problems the powerful company ran into during 2016.
Saudi Arabia dismissed their oil minister, Ali Al-Naimi, this summer as the country tried to deal with weak oil prices. He had been the kingdom’s oil minister since 1995, occupying the position for more than twenty years.
The Mexican government was forced to rescue Pemex this summer with $4.4 billion of aid. That’s about one-fifth of the company’s budget, but the move was really only a band-aid on the problem. When a struggling government goes out of its way to rescue you, you know things are getting pretty bad.
A refining business, stock prices of Phillips 66 plunged in April, which is basically the tale of the tape for the industry. Warren Buffet’s Berkshire Hathaway likely received a sizeable hit as they’re the largest investor in the company.