The world's top oil and gas companies locked in cheap borrowing rates to raise a record amount of debt in the second quarter of 2020 and boost cash reserves as a buffer against a collapse in revenues because of COVID-19.
) - raised $60 billion in debt in the quarter, nearly half of the $132 billion in oil and gas sector borrowing over the period, Refinitiv data showed.
Benchmark Brent crude LCOc1 averaged below $30 a barrel in the second quarter when it hit the lowest in two decades. “This is not necessarily all bad given the current low interest rates and the chance to increase liquidity cheaply,” Kenney said.
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