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A Shell employee in Bangkok filling up someone's gas tank. Photo: Mladen Antonov/AFP via Getty Images

Already struggling with mounting debt and falling market valuations, energy companies are at serious risk for mass bond defaults, especially those rated below investment grade, as oil prices now have fallen by more than 50% from their early January peak.

What's happening: Oil explorers and producers have around $86 billion of debt maturing over the next four years and companies with junk-rated debt were expected to have a hard time getting new financing this year, even before the COVID-19 and the weekend's OPEC fallout.

  • Moody's Investors Service warned in February that the likelihood oil and gas companies would see a wave of defaults was growing, the result of "continuing overproduction, depressed natural gas prices and widespread investor risk aversion toward the exploration and production sector."

Plus, the ratings agency said in a separate note in early February that the spike in energy junk-bond defaults last year was a “stalled not finished” cycle of fallout from the commodity crisis.

  • Debt-servicing problems have been “moving down the chain,” from exploration and production companies to oil-field services, support transportation, and midstream pipeline companies.

The big picture: Energy companies are the biggest issuers of junk bonds, accounting for more than 11% of the U.S. high-yield market.

  • “This was literally the last thing U.S. high-yield energy producers needed,” John McClain, a portfolio manager at Diamond Hill Capital Management, told FT. “There will be blood in the market on Monday.”

Go deeper: Oil prices plunge as market absorbs OPEC-Russia split

Go deeper

What we know about the victims of the Indianapolis mass shooting

Officials load a body into a vehicle at the site of the mass shooting in Indianapolis. Photo:

Eight people who were killed along with several others who were injured in a Thursday evening shooting at a FedEx facility in Indianapolis have been identified by local law enforcement.

The big picture: The Sikh Coalition said at least four of the eight victims were members of the Indianapolis Sikh community.

Pompeo, wife misused State Dept. resources, federal watchdog finds

Former Secretary of State Mike Pompeo. Photo: Joe Raedle/Getty Images

The State Department's independent watchdog found that former Secretary of State Mike Pompeo violated federal ethics rules when he and his wife asked department employees to perform personal tasks on more than 100 occasions, including picking up their dog and making private dinner reservations.

Why it matters: The report comes as Pompeo pours money into a new political group amid speculation about a possible 2024 presidential run.