AREX - Approach Resources: The End Draws Nigh
Undoubtedly, one of the most troubled oil and gas E&P (exploration and production) firms on the market today is Approach Resources (AREX). Despite crude prices soaring once again in recent months, significant haircuts on natural gas, a mainstay of the business, combined with high levels of debt and declining output, are putting the firm in a position where, frankly, there might not be any coming back from. Absent some miracle engineered by management and lenders alike, the probability of Approach surviving through 2019 is extremely slim.
Setting the stage for cash flow
Before