Deals
Explorers In Need of Cash Are Selling Oil Fields as Last Resort
This article is for subscribers only.
Energy explorers reeling from the rout in oil prices are looking for liquidity in an obvious place: their rocks.
Having exhausted other ways to raise cash as a glut of global supply depresses prices, a slew of producers from Anadarko Petroleum Corp. to Comstock Resources Inc. announced more than $2.4 billion in asset sales last month, according to data compiled by Bloomberg. Selling oil and gas fields to pay off lenders and fund new drilling -- often a wildcatter’s option of last resort -- is surging after a six-month lull.