Cash-flush Oil Industry Has Less Appetite For Debt

Last year, profits in the oil industry were noticeably lower than in the previous year. Pretty much everyone in oil and gas booked a decline in the bottom line as prices deflated amid falling concerns about supply security. Cash, however, remained high. And it appears this cash has allowed the industry to lower their demand for borrowing. Demand for loans from the oil and gas industry fell by 6% last year, Bloomberg reported this week.

'Someone betting heavily that the demand for fossil fuels will keep on rising significantly is clearly taking a view that is at odds with existing forecasts,' one climate activist from an organization called the Network for Greening the Financial System told Bloomberg at the time. Yet the existing forecasts must have some inaccuracies if oil and gas producers are becoming increasingly financially independent, needing less in borrowed capital than before.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cash incentives offered to employ construction industry apprenticesConstruction companies looking to employ apprentices could be eligible for thousands of pounds of grant aid.
Source: shropshirelive - 🏆 55. / 63 Read more »

Cash incentive to boost number of construction industry apprenticesConstruction companies looking to employ apprentices could be eligible for thousands of pounds of grant aid.
Source: ShropshireStar - 🏆 98. / 51 Read more »

Industry speakers revealed for Climb24: the UK’s festival of innovation, industry and investmentGlobal leaders in tech and investment join the speaker line-up for the two-day festival. The first speakers have been revealed for Climb24, a festival of innovation, industry and investment, who will address the audience of scale-ups, entrepreneurs and investors in Leeds on June 5th – 6th, 2024.
Source: The Yorkshire Post - 🏆 39. / 66 Read more »

Ukrainian drone strikes are hurting Russia’s oil industryThe world’s third-largest producer is now an importer of petrol
Source: TheEconomist - 🏆 6. / 92 Read more »

Megamerger Mania Set To Shake Up Latin America's Oil and Gas IndustryEnauta's strategic acquisitions and proposed merger with 3R Petroleum could create a significant independent oil and gas company in Latin America.
Source: OilandEnergy - 🏆 34. / 68 Read more »

Government fails North Sea workers as oil and gas industry stagnatesA poll has shown almost three-quarters of oil and gas workers are considering looking for work abroad. The government has failed North Sea workers with tax measures in the Budget for the oil and gas industry not saving a single job, according to a leading union official.
Source: SunScotNational - 🏆 49. / 63 Read more »