U.S. crude’s recent fall to $51 a barrel is making a widely anticipated recovery in domestic drilling much more tenuous, bringing lower profits and probably even more job cuts to oil field service companies, analysts say.
Sabine is just the latest U.S. oil producer to show signs of financial stress in the oil market crash. Oil producers Quicksilver Resources, Dune Energy, BPZ Resources and American Eagle Energy have all filed for bankruptcy protection this year.
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