Few US oil and gas firms return small-business COVID-19 loans

NEW YORK: US securities filings show that only three of 12 listed oil and gas companies that received emergency government aid made available for small businesses said they would return it ahead of a deadline for firms that do not need the funds to do so.

While President Donald Trump said last month his administration would formulate a plan to help the oil and gas industry, no specific aid has been announced. This has left energy companies to seek relief under the broader US$2.3 trillion US stimulus package. Denver-based exploration and production company PDC Energy Inc, which has a market capitalization of US$1.3 billion, said on May 8 it had returned its US$10 million PPP loan.Natural Gas Services Group also returned its US$4.6 million PPP loan. Its chief executive, Stephen Taylor, said the Midland, Texas-based compression equipment provider had to cut 20per cent of its workforce after it returned the funds.

Dawson Geophysical Co returned its US$6.4 million PPP loan last week, the company said in a May 14 filing. Midland-based Dawson, which produces seismic data for oil and gas firms, cited"an abundance of caution" and new guidance for the decision.

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