Coronavirus: In heavy debt, US oil firms hit hardest as prices collapse

Major issuers of junk bonds to finance expansion, US energy companies are in deep trouble now

Wall Street supercharged America’s energy boom of the past decade by making it easy for oil companies to finance growth with cheap, borrowed money. Now, that partnership is in tatters as the coronavirus pandemic has driven the fastest collapse of oil prices in more than a generation.
 
The energy sector has buckled in recent weeks as the global demand for oil suddenly shriveled and oil prices plunged, setting off a price war between Saudi Arabia and Russia. Oil prices are now one-third their most recent high, trading as low as $24 a barrel, and could fall further.
 
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