U.S. OIL NEED MONEY
The world may run on oil, but the oil industry runs on money. The US shale boom would not have been possible without a huge inflow of capital: the small to midsized companies that led the revolution raised $875bn from syndicated loans, bonds and equities in 2007-14, 83 per cent of it in debt, according to Dealogic.
The critical question for the industry, and for the future of US oil production, is whether that financial lifeblood will continue to flow.
It is clear that some sources are drying up. E&P companies are still raising funds through equity issues: Noble Energy announced a $1bn-plus share sale last week,…
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