A conversation with three commercial bankers reveals that the RBL markets are “open for business,” but none of them are promising it’s going to be easy for oil and gas producers to get fast cash backed by reserves.
Chevron shareholders on May 27 voted to approve a proposal demanding that the company issue a report on its climate change related lobbying activities.
Similar to its peers in the service sector, Basic Energy Services has made moves over the past several months to protect its balance sheet as oil and gas operators slam the brakes on activity.
Occidental Petroleum has been sued by investors who claim they suffered billions of dollars of losses because the heavily indebted company concealed its inability to weather plunging oil prices.
Under CEO Darren Woods, Exxon Mobil blocked six climate resolutions from this year's ballot, encouraging activists to seek the split.
Northern Oil & Gas has been trying to cut its debt load of more than $1 billion for months by using a so-called "debt-for-equity" swap among other things.
Additionally, EQT decided to temporarily curtail approximately 1.4 Bcfe/d of gross production, equivalent to roughly 1 Bcfe/d of net production.
David Baggett, founder and managing partner of Opportune, says oil and gas companies are focused on short-term survival and lowering costs, which can already be seen by massive capex cuts among producers and the historic plunge in rig counts.