In the speed version of the classic board game “Monopoly,” all the players buy every property they land on the first time around the board. As soon as all the lots are bought, a heavy round of haggling follows, where competitors scramble to swap or buy the properties that will give them the best advantage. Banks lending to the oil and natural gas industry say that phase has come to the real-life world of upstream acreage, with producers of all sizes making asset deals to consolidate holdings. That urgent reshuffling is taking place against a backdrop of potential rising interest rates. Stock and bond markets reacted strongly to recent announcements by the U.S. Federal Reserve that it was considering tapering down fiscal stimulus, but so far lenders in the oil patch say the impact on deals has been minimal. That could change, however, if rates were to be increased sharply.
展开▼
