Oil rout sharpens energy companies' focus on credit risk
With defaults in the energy industry at their highest level in 15 years, firms are increasingly nervous about the credit standing of their peers. That has put pressure on credit teams to improve their counterparty assessments
It's no secret that these are trying times for the energy industry. The drop in oil prices over the past year, and a growing consensus that cheap oil is here to stay for some time, has led many energy companies to tighten their belts and scale back ambitious investment plans.
One lesser-known consequence of the oil rout is that it has caused energy firms to grow more sceptical of each other. The price collapse has put credit risk front and centre for many energy companies, which have stepped up
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