US independents are using the recent rise in oil prices to streamline their operations. The firms are divesting assets, bolstering their balance sheets through share sales to repay loans and issuing fresh longer-term debt, all with an eye on stepping up shale oil drilling activity next year. Independents' share prices-particularly those of companies focused on the Permian basin, in Texas-have rebounded from lows observed early this year. Concho Resources is just $1/share away from its July 2014 record high of just over $148/share, recovering from less than $70/share in January. And EOG Resources' share price has increased by around $52/share to $109/share.
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