Feature Article: Oil Prices and Credit
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| The falling oil price has had many consequences, both politically and economically. In this article we look at the financial effects and, in particular at the shale oil industry. |
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| We give a brief history of its development and show how its combination of a high cost of production and higher debt funding, together with some technical failings, have led to the difficulties it now finds itself in. |
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| We also briefly consider the two ORB born oil and gas bonds, from Premier Oil and EnQuest. |
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| Both are trading with yields over 20%, a level many consider distressed, and outline some of the issues for investors. |
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| Reflecting the growing importance of this market to both retail investors and issuers, Hardman & Co has produced the following detailed report. This work has been undertaken by our Financials Analyst Brian Moretta. |
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