I'm a lowly insurance broker, but 95% of my clients are E&P companies - and 50%+ of those are PE backed companies. Their whole business model has been collapsing underneath them since 2018 or so. The whole build for 3-5 years and flip it out to someone larger strategy starts to fall apart pretty fast when the number of buyers shrinks rapidly.
I have a few clients that always seem to be out in front of the curve that are well hedged through the rest of '20 and most of '21, but everyone else will be lucky to make it. My largest client filed last fall and I've picked up a few of the new companies that scooped up some of their assets, but it's nowhere near the size (revenue to my firm) of the original client. This downturn is going to be a reckoning even for people like me who are on the fringes of the oil and gas business.
And my side hustles have been investments in a mineral fund, a non-op WI fund, and a tiny equity stake in a small E&P company. FML. Write-offs for years - assuming I have anything to write if off against.