Oil and natural gas producers to face another credit-line crunch

A wave of credit-line reductions the past two months has left oil and natural gas producers scrambling to raise cash to keep drilling, or in some cases, to pay down overdrawn loans, reports BloombergBusiness. The news service says the clock is ticking again on more credit reductions when banks will recalculate borrowing bases -- which are tied to the value of oil -- in October. Mid-Con Energy Partners LP Chief Financial Officer Mike Peterson told Bloomberg that he estimates the oil industry faces potential credit-line cuts of 10-20% in October. For more, read the full story.
 

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