Wrong way on Wall Street
Lack of access to capital markets could have consequences for US oil production
Wall Street is like a window: sometimes open, sometimes closed. For US-listed E&P companies, if it is open at all, it is a sliver at best. Sharply reduced access to stock and bond deals equates to less cash to grow oil output beyond projects already underway. It also alters the competitive landscape. IOCs like ExxonMobil and Chevron that do not rely on raising money in public markets could increase their share of production at the expense of small- and mid-sized E&P independents that do. According to data from Dealogic, a company that compiles transaction statistics, US E&P companies raised only $3bn from equity sales last year, down 59pc from 2017 and 91pc from 2016. In the four
Also in this section
16 April 2026
Demand for oil is falling because supply cannot meet it, not because it is no longer required
16 April 2026
The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away
15 April 2026
The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order
15 April 2026
The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way
