High debts pose US shale recovery questions

摘要

The US shale oil industry is poised for a recovery, after cutting costs sharply in the past two years to make drilling activity economic at oil prices of less than $50/bl. But high debts risk stunting growth, as producers walk a tightrope between allocating cash to fund investments and servicing their borrowings. Companies' ability to repay and service their debts is one of three key threats cited by analysts to the US shale sector's recovery at current oil prices - alongside the capacity of service providers to restart idled equipment and the challenge of rehiring laid-off staff. Many producers have reset their operations to live within cash flow at $50/bl oil, but some are counting on asset sales to accelerate debt repayments and shore up their balance sheets.