Resilience of independent oil firms faces hedging, debt tests [Reuters]
Royal Dutch Shell PLC Royal Dutch Shell PLC American Depositary Shares (Each representing two Class B Ordinary Shares) (RDS.B)
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Source: Reuters
Resilience of independent oil firms faces hedging, debt tests LONDON (Reuters) - Independent international oil producers can cope with plunging oil prices better than higher-cost U.S. shale firms but persistent low prices may still leave them struggling to repay debts and renew hedging facilities needed to protect revenues. The drop in Brent crude to $20 a barrel and less, or the even deeper slide of U.S. crude into negative territory, has hammered U.S. shale producers, which typically need more than $40 to breakeven, forcing shut-ins and threatening insolvencies as the coronavirus crisis has thumped oil demand. Independent international firms, although they don’t have the production-to-refining resources of majors such as BP ( BP.L ) or Shell ( RDSa.L ), still have lower costs than shale producers, despite working in tough areas like the North Sea or Africa. Independent producers such as Tullow ( TLW.L ), Kosmos ( KOS.N ), Genel ( GENL.L ), Premier ( PMO.L ) and EnQuest (
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