Despite oil prices steadying around $50 and global supply rebalancing, recent reports from ratings agency Standard Poor's indicate that US oil and gas companies are far from out of the woods. US benchmark West Texas Intermediate (WTI) crude has nearly doubled its price since reaching lows in the mid-$20s at the beginning of 2016 (related). But SP believes the rebound came too late for US EPs that saw their borrowing bases cut by an average of 20 -- and as much as two-thirds -- in the spring redetermination period (OD Feb.25'16).
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