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Oil study shows credit fear

 
BY THE ASSOCIATED PRESS    Comment on this article Leave a comment
Published: December 3, 2008

HOUSTON — Access to credit and the capital needed for exploration and production is the biggest obstacle facing oil companies in 2009, even more than lower crude and natural gas prices, a new survey shows.

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Nearly 60 percent of chief financial officers at 100 U.S. oil and gas companies cited "credit capacity restraints, including access to capital” as their No. 1 financial challenge next year, according to the survey, released Tuesday by accounting firm BDO Seidman LLP.

Next on the list was falling oil or natural gas prices, the survey said.

Many smaller producers have been stung by a credit crisis that’s severely limited paying for new exploration and production.

Analysts have said some of those companies could be takeover targets for larger producers.

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Related Topics: Mergers and Acquisitions, Business, Takeovers, Company Activities and Information, Economic Issues, Gas Prices, Economic Crisis



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