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BUSINESS
OCTOBER 7, 2008

Falling Prices, Credit Woes Threaten Small Oil Firms

As Reserves Lose Value, Bigger Rivals Target Independent Companies for Acquisition; Waiting for a 'Big Shakeout'

Article
Comments

The stress in global credit markets is forcing some smaller European oil companies to sell assets and renegotiate debt, while turning the weakest into acquisition targets for bigger rivals.

Most at risk are small outfits focused on exploration and production that urgently need cash to keep drilling. Even a few months ago, these companies had no trouble borrowing money and selling stock to finance operations, based solely on the value of their reserves. But with access to capital drying up, their funding opportunities are dwindling rapidly.

"Smaller oil companies will feel the crunch," said Aidan Heavey, head of Tullow Oil ...