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By the SRSrocco Report,

The carnage continues in the U.S. major oil industry as they sink further and further in the RED.  The top three U.S. oil companies, whose profits were once the envy of the energy sector, are now forced to borrow money to pay dividends or capital expenditures.  The financial situation at ExxonMobil, Chevron and ConocoPhillips has become so dreadful, their total long-term debt surged 25% in just the past year.

Ever since the unexpected gating and liquidation of Third Avenue's credit fund in early December, there has been a jump in comparable credit money managers, both of the mutual and hedge fund variety, such as Claren Road and Stone Lion Capital, who have decided they'd rather hand in the keys and repay their investors (at a loss) than try to eek out alpha in an environment where, as Richard Breslow put it earlier, "it feels like the algos are hooked up to Tinder."