Coronavirus pain drives Big Oil’s dash for record debt [Toronto Globe and Mail (Ontario, Canada)]
BP p.l.c. (BP)
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Source: Toronto Globe and Mail
Coronavirus pain drives Big Oil’s dash for record debt Jim Tanner/Reuters The world’s top oil and gas companies locked in cheap borrowing rates to raise a record amount of debt in the second quarter of 2020 and boost cash reserves as a buffer against a collapse in revenues because of COVID-19. The dash for debt piles pressure on company balance sheets and the issue is particularly acute for BP and Royal Dutch Shell. Already burdened by high levels of borrowing, they also face the disruption of a major shift toward renewables and low-carbon. The world’s top seven energy firms – BP, Shell, Exxon Mobil, Chevron, Equinor, Total and Eni – raised $60 billion in debt in the quarter, nearly half of the $132 billion in oil and gas sector borrowing over the period, Refinitiv data showed. BP, which had $78.5 billion in debt by the end of March, raised the most at nearly $16 billion, using for the first time hybrid bonds that place less strain on the balance sheet as the principal is not requir
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