American Oil and Gas Reporter - October 2024 - 59

RBL Loans Bounce Back, Price Decks Inch Higher
By Gregory DL Morris
Like many other aspects of oil and gas
finance, reserve-based loans have evolved as
the industry has strengthened its focus on
capital discipline and healthy balance sheets.
Banks and the producers they serve have
reevaluated leverage levels to ensure that both
groups can navigate periods of volatility.
Today's more modest RBLs still give operators
welcome liquidity to move quickly on
acquisition opportunities.
Many lenders appreciate the loans because
they often lead to other business, says Steve
Kennedy, who spent 36 years as an energy
banker before becoming a managing director
at the consultancy Opportune last year. " Every
bank will tell you that it wants a full
relationship. That could be deposits, or
treasury or banking the company executives
on a personal level. Banks all have different
approaches, but none of them want a 'dry' loan,
with no ancillary business, " he says.
RBL's potential to support other services may
explain why some banks are entering the space,
Kennedy muses. " Eight years ago, there were
about 30 banks that would have a price deck for
hydrocarbons. That did not necessary mean
they were actually making loans, but they at
least had their shingle out, " he relates. " That
number fell to about a dozen at the low point.
Now, it's bounced back to about 20 banks that
are making secured loans. There are a few
others, maybe 10, that are making unsecured
loans, but only to investment-grade companies. "
OCTOBER 2024 59

American Oil and Gas Reporter - October 2024

Table of Contents for the Digital Edition of American Oil and Gas Reporter - October 2024

Contents
American Oil and Gas Reporter - October 2024 - Intro
American Oil and Gas Reporter - October 2024 - Cover1
American Oil and Gas Reporter - October 2024 - Cover2
American Oil and Gas Reporter - October 2024 - 3
American Oil and Gas Reporter - October 2024 - 4
American Oil and Gas Reporter - October 2024 - Contents
American Oil and Gas Reporter - October 2024 - 6
American Oil and Gas Reporter - October 2024 - 7
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American Oil and Gas Reporter - October 2024 - Cover3
American Oil and Gas Reporter - October 2024 - Cover4
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