Big Oil’s $100 Billion Bender

Tiger Moth identified nearly $100 billion in bonds sold by oil and gas companies since the Federal Reserve launched unprecedented bailouts in March of 2020. The Federal Reserves emergency measures boosted the energy sector, with companies taking advantage of lowered debt costs and extended loan terms. At the same time, the government’s support for individuals and small businesses was extremely limited.

Tiger Moth identified 56 oil and gas companies that issued $99.3 billion of debt in U.S. markets between March and September of 2020. We provided data and visuals to support the report, as well as co-authored the piece.