US independents explore ways to finance drilling projects

US independents are finding it tough going seeking outside financing in the wake of lower oil and gas prices and slimmer cash flows.That contrasts with the situation a year ago, when high oil and gas prices enabled exploration and production companies to fund their projects mainly from internal cash flow.The basic forms of available capital have held steady over the years, but a producer's profile of capital providers can change with commodity cycle shifts. Financing options include bank debt, industry partnering, mezzanine and project finance, and private or public equity. Click here to enlarge imageThe cost of the financing varies with the amount of risk being taken by the capital ...

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