Oilprice is reporting "oil companies slash debt to pre-crash levels." Data points:
- global energy companies reduced their debt for seven consecutive quarters, through 2Q18
- the energy companies have cut their long-term debt-to-equity ratio to the lowest ratio since 3Q14
- data source: the EIA
- free cash flow: $119 billion for the four quarters ending June 30, 2018
- this was the largest sum in the 2013 to 2018 period
- in addition, cash from operations was $118 billion, up by 27% compared to 2Q17 -- just one year earlier
- free cash flow increased even as CAPEX increased year-on-year by $70 billion
- the return on equity (ROE) was the highest since 3Q14
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