HOUSTON: US oil companies, still smarting from the crude price rout, are attracting a wave of new investment from unlikely sources – hedge funds and private equity firms flocking to the energy market for the first time to bet on a rebound.
By pouring billions of dollars into energy shares and bonds in the past few months these newcomers, dubbed “energy tourists” by Houston’s seasoned dealmakers, have thrown a lifeline to scores of companies that a few months ago looked like potential targets for bigger rivals or distressed debt and restructuring specialists.