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 four
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
