Depending who you talk to some would say they’ve been running a terrible balance sheet and they’re days were numbered. If this were the case, this was common knowledge in Q1 and why would so many institutions be upping their holdings.. like by a ton.
The other half may say, ya they weren’t great but Q1 COVID/KSA-Russia war put them out.. I don’t buy to much into this. They hedged themselves pretty nicely through end of 2020.
They have ample cash to pay their debt maturities.
Here’s what I think will happen.... they’re playing all sides to gain advantage of any bail outs/low interest loans. Fed/Treasury has already talked about creating a facility for oil companies, who are those companies? It’s not XOM or MRO or CVX that needs it. I think there’s something that’s about to happen that will position them financially to restructure short of BK. We will see.