My Dad told me about this recent episode where an oil company bet wrong on its oil hedges (betting on falling oil prices), and lost the gamble.
Three Canadian oil companies listed as among the biggest creditors of bankrupt energy trader SemGroup LP said on Tuesday the U.S. company’s filing will have little impact on their operations.
SemGroup declared bankruptcy on Tuesday after $3.2 billion in oil trading losses torpedoed the formerly 12th-largest private U.S. company.
Its Canadian unit has also filed for creditor protection.
Official Press Release: http://www.semgrouplp.com
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