Former EOG CEO Mark Papa: “I would predict in the next six to 12 months, you’re going to see a decimation of the industry — just bodies (companies) all over the place — a lot of bankruptcies, Chapter 7’s and Chapter 11’s,”

The timeline for recovery in the energy market is what everyone wants to know and few dare to predict, but one well-known Houston energy leader peered into his crystal ball at the 2016 IHS CERAWeek conference — and it’s not great.”I would predict in the next six to 12 months, you’re going to see a decimation of the industry — just bodies (companies) all over the place — a lot of bankruptcies, Chapter 7’s and Chapter 11’s,” said Mark Papa, former chairman and CEO of Houston-based EOG Resources Inc. (NYSE: EOG). Papa is also currently a partner in New York-based Riverstone Holdings LLC, a private equity firm with offices in Houston.

Source: Former EOG CEO Mark Papa: Oil industry to go through ‘decimation’ – Houston Business Journal

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