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Wrong way on Wall Street

Lack of access to capital markets could have consequences for US oil production

Wall Street is like a window: sometimes open, sometimes closed. For US-listed E&P companies, if it is open at all, it is a sliver at best. Sharply reduced access to stock and bond deals equates to less cash to grow oil output beyond projects already underway. It also alters the competitive landscape. IOCs like ExxonMobil and Chevron that do not rely on raising money in public markets could increase their share of production at the expense of small- and mid-sized E&P independents that do. According to data from Dealogic, a company that compiles transaction statistics, US E&P companies raised only $3bn from equity sales last year, down 59pc from 2017 and 91pc from 2016. In the fo



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