- Half of executives surveyed in the Texas-Louisiana oil and gas producing region sought government stimulus money as stay-at-home orders to fight COVID-19 combined with collapsing crude oil prices to crush business activity, according to a survey by the Dallas Federal Reserve.
- More than half of the 160 energy executives surveyed asked for federal aid, of which 89% got help, with most seeking payroll protection money, which provides as much as $10M in low-cost loans.
- 82% of executives surveyed said they curtailed production because of low prices, more than a third expected to resume some production by the end of June, and 20% planned to reverse shut-ins during July.
- Nearly a third said crude prices of $36-$41/bbl would be needed to restore production, and 27% said it would require prices at $41-$45/bbl; U.S. crude oil settled at $38.01 today.
- ETFs: XLE, XOP, OIH, GUSH