Oil drillers in US face shrinking credit lines

Tough times: A floor hand signals to the driller to pull the pipe from the mouse hole on Orion Drilling Co’s Perseus drilling rig in Texas, US. US drillers are about to see their credit lines shrink as crude prices drop - Bloomberg

NEW YORK: Oil producers in the US are about to see their credit lines shrink, just when they need the money most.

The latest round of twice-yearly reevaluations is under way, and almost 80% of oil and natural gas producers will see a reduction in the maximum amount they can borrow, according to a survey by Haynes and Boone LLP, a law firm with offices in Houston, New York and other cities.