While most large public energy companies are kept afloat by loans in 2015, lower-profile private firms are folding
Mon, Jun 22, 2015 - 5:50 AM
The first sign of trouble came in June 2014 when oil prices hit a peak of US$107 before falling for seven straight months. By Thanksgiving Day, Saudi Arabia and its Opec allies announced that they would maintain production despite a growing glut.
OIL field work was coming in fast when GoFrac doubled its workforce and equipment fleet at the beginning of last year, just one of hundreds of small oil service companies thriving on the revival of US drilling.
Founded in November 2011 with a loan of around US$35...