first_imgOil price crash pushing independent U.S. producers to the brink of bankruptcy FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):When the 2014 to 2016 oil and gas price collapse took hold, a large number of independent producers found themselves in dire straits. If prices do not rebound quickly in 2020, the industry could be facing a similar situation, or worse.During the two-year price downturn, producers who had overspent in an effort to expand were faced with suddenly overloaded balance sheets and high breakeven prices. That left many dealing with the prospect of bankruptcy, and at least 70 filed for Chapter 11 bankruptcy protection in 2016 alone. Producers now have far lower breakeven costs, but a number still have damaged balance sheets dating back a half-decade. Prolonged exposure to prices in the low- to mid-$30 per barrel range could push many over the edge.“If prices remain depressed below $40 per barrel for more than a few weeks, we will likely see a repeat of 2016,” Haynes and Boone LLP Partner Buddy Clark said. Haynes and Boone has kept a tracker of producers that have filed for bankruptcy since 2015, a total that stood at 208 in December 2019. The 2019 total of 42 was the highest in three years, and Clark said the number had already increased in the opening months of 2020 even before the price war between Saudi Arabia and Russia sent prices crashing March 9.There could have been more bankruptcies in 2015 and 2016, but there was a saving grace: banks and other funding sources were willing to pump capital into the sector, keeping a number of producers above water. Those sources have now dried up, leaving independents with fewer options.“For those producers still standing and faced with near-term debt maturities, there is less access to capital now than there was in 2016, with fewer options to restructure, other than filing for bankruptcy court protection,” Clark said.A possible exit route for struggling companies — being acquired — appears to be blocked by the price crash. Producers that have made acquisitions were frequently punished by investors before prices lost double-digits per barrel overnight; now, very few expect to have the free cash flow to make such a move.[Mark Passwaters]More ($): Oil price collapse driving more producers to brink of bankruptcylast_img read more


first_imgThe 23rd Annual Wilderness Road Ride takes place Saturday May 24.This awesome event is a scenic and historical adventure through southwest Virginia’s beautiful New River Valley.The ride follows part of Daniel Boone’s Wilderness Road. This year will feature a kids bike rodeo and fun ride in the park.It’s a ride the whole family can enjoy, with something for everyone— 4 routes to choose from ranging from a 29 mile relaxed journey for novices, to a 79-mile challenge for the fittest cyclist.All routes start and finish in Radford, at the Dedmon Center and Bisset Park. Non-riders can enjoy Bisset Park, the New River, and downtown Radford, while their families and friends are out riding.Fully supported aid stations will be positioned at regular intervals along the course and the start/finish location. Aid stations will be supplied with Heed Hammer Nutrition fuel, as well as water and plenty of other snacks.Visit their website for more information!DSC07785last_img read more


first_imgAnother gathering of the tribe, another exchange of information on all things #vanlife.We built out our current van swiftly (less than 4 weeks) in April 2018, with the help of Timbr Basecamps in Golden, Colorado. Working with Devon from Timbr was wonderful and if you have any dreams of #vanlife, we highly suggest reaching out to him. Timbr installed our flooring, insulation and wall panels, electrical system, cut the hole and installed the fan, the track system, and bed platform. You can check the video tour of our van to see it all in person.After five months of living in our new build out, we have come to terms with the fact that our van is NEVER finished. This leads me to believe no van is ever finished. The Instagram #vanlife is all a facade, we promise. There is always something broken that needs fixing, something old that need replacing, and something new that still doesn’t work. We are currently dealing with:Sink issues- the sink never worked in the first placeBattery issues- because we’ve let ours drain too low too many times and now they don’t function as well as they should, making it dangerous to run our fridge off themSolar issues- the issue is we don’t have solarThe impending cold of winter and trying to find solutions for heating (super expensive) and showering (can’t be outside) when it’s below freezing.All that being said, it is SO WONDERFUL to gather the tribe and ask 1000 questions to those that have already faced these issues or are also working on their build-outs. Check out the vans below that joined us at the UpaDowna Vanlife Rally in Colorado Springs on Tuesday, August 7th. If a van has an instagram, the picture will link you to it. Happy exploring!We paired with UpaDowna for the event, here Steve is giving some info on their Turbo Diesel 2006 e350 6.0l 4×4 with all the added features!Thanks for a great event UpaDownaInside the UpaDowna vanScott Woerner shared his van AND motorcycle. Great seeing you again Scott!Twyla Surritte and Dan Rodriguez (not pictured) brought their 2002 Ford f450 with a big red box on back.Clifford the big red van.Kyler Hasson is still working on his Blue Ram 350, trying to keep the build under $3,000Kristen Ezalovich brought her 1982 Chevy conversion van G20 named Luna.Inside LunaSteve and Debbie Tragesser are selling their 1988 Toyota Van for $5,000Up next we have Mountain Town Music Festival at Keystone. It will be a day of all things Colorado. Warm summer days, free live music from national acts and the harvest season for our colorful state. See you there!There is one way for this tour to be a reality, our sponsors! Sending a thank you shout out to our title sponsor Nite Ize, and all of our other awesome sponsors that make this happen: Crazy Creek, National Geographic, Sea to Summit, Mountain House, Lowe Alpine, Old Town, Leki, HydraPak, UCO Gear and Wenzel. If you like the gear that keeps us groovin’ click here to enter for a chance to winlast_img read more


first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr It’s easy to feel like you can grow a loyal audience in no time using the latest growth hacks or Twitter and Facebook tricks. But the truth is, it’s not that simple.Growing an audience is hard.You have to have talent.You have to put in a lot of work.And there’s no 1–2–3 solution.In this post, I’m happy to share some of our experiences from building an audience at Buffer alongside six key ingredients to successfully building an audience.Let’s get started!Why it’s difficult to build an audience (and why there’s no shortcut)“Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty… I have never in my life envied a human being who led an easy life. I have envied a great many people who led difficult lives and led them well.” ― Theodore Roosevelt continue reading »last_img read more


first_imgChange is inevitable. The world we live in and the people we know change constantly. Businesses are changing as competition intensifies, technology accelerates and information moves at the speed of light. The world has transformed into a global economy, no longer bound by walls, geography or time. We are in an age where busyness is the norm, and we dictate our own realities by the choices we make…daily.For the community-based financial institution (FI), “the times” have changed them too. No longer can FIs rely on just branches, or just service to meet consumer demands. Today, we live in a world where consumers demand an Omni-Channel approach. Consumers demand automated channels, virtual channels and physical branches to meet their needs.Branches today are still about convenience and market density, but each branch can and does fit a different purpose. Starting with the largest of all facilities, the cornerstone branch, which includes main offices, these large format facilities plays a different role than others.Today’s main office sets the tone for the company’s culture and identity. Call centers in these facilities are also changing. With the advent of Interactive Teller Machines (ITMs), community-FIs can serve their customers 24-7-365, which means the call center is staffed with Universal Bankers who can be a one-stop-shop for the customer’s needs.After all, building relationships are at the heartbeat of the Universal Banker model. Surveys show that 65% of sales occur in a physical branch, so the days of relying on a relationship built across three feet of mahogany are over. Today, banks are challenged with differentiating themselves and some are more aggressive than others in their use of technology, retail concepts and design to facilitate a more engaged consumer experience.Market research, customer concentrations and analytics now dictate how FIs should design their branches to relate to their markets. If the model is best supported by a teller line, then stick to that plan. If a more engaging environment, powered by technology is indicated, boldly adopt that plan.The cost and time to implement branches has also given rise to the Micro Branch. Micro branches today still include storefronts and in-store branches, but can now also include mobile branches, freestanding facilities, and “pop-up” branches. The key component of Micro Branches are their size and flexibility as well as their cost.In the end, banks and credit unions are faced constantly with decisions on how to serve their customers, communities, and employees. Change is inevitable just for relevancy, but the FIs that are changing with a plan achieve specific results.Based on FDIC data, one Southeast Bank grew organically from $1 Billion to over $3.5 Billion in the last five years by making branching decisions around a business case. Another FI grew its assets by 37% in the Carolinas over a seven-year period embracing technology and universal bankers. Still another near the Great Lakes moved its loan to deposit ratio from 88% to 92% in less than two years by implementing a more engaged branch culture. The bottom line is the bottom line – changes driven by a well-devised plan and business case succeed.In today’s ever-changing environment, financial institutions are faced with two opportunities for performance improvement:1) Their existing footprint2) Moving into new marketsThe FIs that flourish marry business planning and execution into a seamless model driven by a business case.So, as you face the New Year and beyond, start making decisions and then take bold action. Over time, those actions lead to transformation…there are no shortcuts. 43SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Burnett As Regional Director for LEVEL5, I prospect, identify and align the needs of financial institutions across the US with LEVEL5’s integrated service offering. We develop solutions that allow our … Web: www.level5.com Detailslast_img read more


first_imgChytalo first planted the pumpkin 13 days ago, and it has already tripled in size. He said he is hoping for another 500-pound pumpkin this year. He is once again hoping to bring the pumpkin to New York City when it is finished growing. DELHI, N.Y. (WBNG) — Delhi resident, Ed Chytalo already has fall on his mind. For the seventh consecutive year, Chytalo is growing a giant pumpkin at the Deleware Academy. The pumpkin is currently in a greenhouse where Chytalo can control the temperature. He said that once it outgrows the house, it is then up to mother nature to take care of the rest. “It’s great, in these tough times that we are experiencing right now this is so fun, exciting and stressless. The pumpkin is a great project that touches so many people,” said Chytalo.last_img read more


first_imgProperty management are agencies that manage accommodation units on leading accommodation booking portals, and only agencies with at least 1.000 facilities have been selected by Rentals United. Direct Booker currently has 22 franchises in 8 countries that include Montenegro, BiH, Slovenia, Serbia, Albania, Poland and Peru. “Rentals United is a well-known and recognized system for managing accommodation units, and being ranked 10th in size is a huge recognition for us as a company, as well as for Croatian tourism. Our goal is to further franchise and grow accommodation units so that Direct Booker is recognized everywhere in the world”Said Nino Dubretić, co-owner and director of Direct Booker. Rentals United ranked Direct Booker among the TOP 10 largest private accommodation agencies in the world and TOP 4 in Europe. As the main reason for this, Dubretić points out that this is a specific service that relies on local presence and physical presence with the owner of the accommodation unit. “We have developed our model in Dubrovnik, and are currently expanding it worldwide through the franchise model. We currently manage over 3.500 accommodation units, our franchisors with the same number, while with 7.000 accommodation units we are on the Rentals United list”Concludes Dubretić. Interestingly, the 20 largest agencies in the world hold less than 2% of the entire market, which is, say, in the context of the banking system just the opposite where the 20 largest hold the majority of the market. Nino Dubretić, Direct Booker / Photo: HGKlast_img read more


first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img


first_imgGoogle LOG INDon’t have an account? Register here Facebook A member of the Maluku Legislative Council has called on local authorities not to renew a permit for a logging company in Eastern Seram regency, as the Sabuai indigenous people have voiced objections to the company operating in a forest they claim to have customary rights to.”I don’t know about fellow councilors, but I have proposed to the Maluku Forestry Agency not to renew its timber exploitation permit [IPK]. It’s better not to,” councilor Aziz hentihu told reporters recently.He accused the company — Sumber Berkat Makmur — of abusing its nutmeg plantation permit, which was granted by the regency of Eastern Seram a few years ago, to secure the timber exploitation permit and conduct unlawful logging in Sabuai. The timber exploitation permit would expire this month.The company’s activities in the Sabuai forest have run up against protes… Log in with your social account Forgot Password ? #Maluku Maluku customary-forest #forest indigenous-people #IndigenousPeople forest Topics : Linkedinlast_img read more


first_imgIt held that ground to stand at $1.0838 per euro on Friday – ahead 2.7 percent for the week. Against a basket of currencies the dollar is up 1.8 percent for the week so far at 100.210, its best performance since mid-March.Moves in Asian trade were slight since traders are bracing for bad news when monthly US payrolls data is published at 1230 GMT.The coronavirus pandemic is worsening in the United States and as lockdowns extend, weekly jobless claims already soared to a massive 6.6 million last week.The dollar was firmer against most other major currencies, last trading at $0.6054 per Australian dollar, $0.5903 per New Zealand dollar and $1.2376 per pound. It bought 108.00 Japanese yen.”The US labour market has more or less collapsed,” said Commonwealth Bank of Australia currency analyst Joe Capurso.”The increase in the dollar because of the poor US economic data reflects the dollar’s status as a counter-cyclical currency. It lifts when the global economy deteriorates, even if the deterioration in the global economy is the US”CBA forecasts a 200,000 drop in employment, higher than the median estimate of a 100,000 drop according to a Reuters’ survey of economists – though like most, they expect far worse to come as the data catches up to the damage in the real economy.Global coronavirus cases surpassed 1 million on Thursday, with more than 52,000 deaths as the pandemic spread further in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally of official data.Japanese bank Nomura expects the world economy contracted 18 percent in the first quarter, on an annualised basis, and is tracking toward shrinking 4 percent in 2020.The overnight 21 percent surge in the price of crude oil futures to $29.94 gave fleeting support to commodity currencies, especially the oil-exposed Norwegian krone, which hit a three-week high, and Canadian dollar.Flows out of just about every asset in emerging markets in to the dollar continue, with MSCI’s emerging market currency index sitting not far above three-year lows touched last month.”Until the virus peaks, we anticipate the selling pressure will prevail and capital outflows will continue, although the biggest wave may have occurred in March,” said Piotr Matys, senior emerging markets FX Strategist at Rabobank in London.”If a synchronised global recession transforms into depression, then all bets will be off.”Topics : The dollar edged toward an almost 2 percent weekly rise on Friday, boosted by a surge in the oil price and as investors sought safety amid the worsening economic fallout from the coronavirus pandemic.The gains consolidate the dollar’s strength after a topsy-turvy end to last month, which had the dollar soaring in a scramble for cash, then slumping as the US Federal Reserve flooded the market with liquidity.The largest ever daily gain in crude oil prices helped the greenback to its best day in two weeks against the euro overnight, since the United States is the world’s top oil and gas producer.last_img read more