How bout the Bozo dismissing the problems with the hedging losses? He says we will be fine and that the lenders demand those hedges to guarantee our debt. Instead of coming to terms with the idiocy of the debt the executives of the dumpster fire known as SWN ginned up, Bozo says there is nothing to worry about.
There is much more to worry about!
Bozo—do you realize that for 20 years oil and gas experts have been horrified by the clowns running oil companies borrowing money to buy other Shalers who have one foot in the financial grave?
For almost the entire history of this country business experts have considered debt toxic. The Bozos, calling themselves Shalers, stood those principles other their heads. The result has been the Haynes & Boone list of energy industry bankruptcies which now totals close to 300 publicly held Shalers since 2014. That is a horrifying statistic and was completely avoidable.
Recently, I read that the turn around in attitude towards debt coincided with the awarding by universities of degrees in “Business” in the 1970’s. I, too, see a connection between the alchemy learned in business schools and the financial catastrophe in the Patch.
When is it going to stop? How much more financial misery will the clowns who have hijacked the Energy industry cause the American Investor? I’m haunted by the letter of a man to Judge Jones which he read on the record in the CHK bankruptcy. On Christmas Eve the dude nearly committed su----e after he lost all of his family’s money investing in CHK.