The frackers financed their drilling with too much cheap debt instead of more expensive equity—so they created additional risk in their industry.
I cannot shed a tear for them.
The frackers are holding their own. Improved processes mean they can now make money as low as Saudi wants to drive the price. And, yes, I do think the Saudis intentionally flooded the market to kill competition. That has come straight out of the mouth or Pickens and other knowledge industry types.
It’s the Saudis who’ve bitten off more than they can chew.