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Very goodthreadby HFI research:
JPM's move out of financing oil and gas is a really big deal because it's the largest lender in the reserved-based lending facility model. This credit line is what allowed US shale to grow at any cost. Companies were incentivized to keep de-risking inventory....
That is really bad news for any energy companies with JPM in their credit facility. So if these energy companies can't find another bank to replace JPM, then they will be forced to pay down the debt via other financing methods or the old straight up approach of FCF."