Valley of Death approaching for oilA couple of months ago I was mocked and ridiculed for warning people on this very board of the deflationary effects of this virus and how oil was going to take the brunt of it. A group here even ganged up and found a way to get me banded from posting for a week.
I was absolutely spot on. If anything I was not apocalyptic enough. Oil isn’t going to get comfortable in the $20’s. It’s going to get comfortable in the teens. How do you think an energy company with a poor balance sheet is going to survive?
It’s sad that an average guy like me saw what was coming better than the top people at VET. I told people on this board that the dividend was unsustainable and would be cut regardless of the company’s reassurances. VET drove right into the abyss. It didn’t have to happen. The outcome appears inevitable at this point. Only energy companies with clean balance sheets survive. VET’s unsustainable dividends destroyed its balance sheet. JMHO. GLTA.
https://www.google.com/amp/s/www.marketwatch.com/amp/story/guid/197532F0-7385-11EA-BC55-C744BCBBD054