Banks rush to rein in financing for oil firms [Reuters]
Centennial Resource Development, Inc. - Class A (CDEV)
Last centennial resource development, inc. - class a earnings: 2/24 04:14 pm
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Source: Reuters
Banks rush to rein in financing for oil firms NEW YORK, April 24 (LPC) - The twice-a-year evaluation of energy borrowers’ reserve-based loans has taken on more significance than ever as banks seek to cut their exposure to oil and gas companies amid the global Covid-19 pandemic that has caused demand for oil to plummet and a price war between Russia and Saudi Arabia that has flooded the market with crude. Lenders are grappling with how best to cut energy companies’ borrowing bases while ensuring they still have some access to capital. Some estimates say borrowing bases could be lowered by 30% or more in the first half of 2020. “In a recovery, banks want to get back 100% of the money they lend out,” said John Kempf, a senior director at Fitch Ratings. “This go around they will probably be a bit tougher on (oil exploration and production) companies in determining their borrowing bases.” Oil and gas companies are feeling the pressure as a result of the historic turmoil in the oil markets.
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