Skip to content
Subscriber Only
Markets
Markets Magazine

Drillers Piling Up More Debt Than Oil Hunting Fortunes in Shale

From

Floyd Wilson raps his fingertips against the polished conference table. He’s just been asked, for a second time, how he reacted when his Halcon Resources Corp. wrote off $1.2 billion last year after disappointing results in two key prospects.

Wilson once told investors that the acreage might contain the equivalent of 1.2 billion barrels of oil. He fixes his interlocutor with a blue-eyed stare and leans forward. At 67, he bench-presses 250 pounds (110 kilograms) and looks it. Outside the expansive windows of his 67th-floor executive suite, downtown Houston steams in its July smog.