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North America oil services sector has $32B debt due by 2024 - Moody's

  • Oilfield services and drilling companies working in North America hold ~$32B of debt due to mature in 2020-24, Moody's says in a new report.
  • Speculative grade firms with high near-term refinancing needs include Transocean (RIG -19.8%), with $4.3B in upcoming maturities, along with Valaris (VAL -14.5%) with $1.8B, Nabors Industries (NBR -24%) with $1.4B and Superior Energy Services (SPN -18.3%) with $1.3B, according to the report.
  • The sector faces a further decline in activity and cash flow with weak earnings constraining access to the capital markets and the coronavirus outbreak exacerbating credit stress.
  • ETFs: OIH, XES, FIF, IEZ, PXJ

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