Increasing questions around the future of oil demand are making it harder and harder for...
But investment banks remain reluctant to issue long-term debt to oil companies, a trend that began even before the loss of demand that came with the COVID-19 pandemic, said Dean Foreman, chief economist at the trade group American Petroleum Institute.
Pitching financial institutions on putting money into oil and gas drilling projects has become an uphill battle, said Judd Walker, CEO of EnerVest, a privately held company in Houston. For now, interest rates for oil companies remain in line with what corporations at-large are being charged, Foreman said.
But among Republicans in fossil fuel producing states such as Texas, there is increasing concern that this new wave of climate-centric investing was likely to damage their homegrown industries. Last year, the Texas Legislature passed a law requiring banks to certify they were not discriminating against oil and gas companies because of environmental metrics, or else risk losing out on state contracts.
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