- Banks are gradually offering more credit to U.S. shale oil and natural gas producers as the industry recovers from last year s contraction and energy prices rally.
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So-called borrowing feces will increase from 20 to 20% during the next round of talks between drillers and lenders, according to most respondents in a survey conducted by law firm Haynes Boone LLP.
The findings indicate a continued improvement after the dire conditions experienced in oil and gas sector last year, when the pandemic and global gluts led to a collapse in energy prices and prompted banks to reduce lending.
The prior Haynes Boone survey released in April indicated lending bases would remain flat or rise 10%. Lending against crude and gas reserves, a key source of capital for explorers, typically sees semi-annual retederminations in which bankers reassess their commitments.
One recent example was highPeak Energy Inc., a Texas producer, disclosed in a filing Monday that it raising borrowing to $195 million from $125 million.
Almost two-thirds of the respondents in the Haynes Boone survey also said that they expect public equity markets to reopen for E&P companies next year, after it has been largely closed since 2018.
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