Independent producers have faced downturns before, but companies that are heavily leveraged — such as those that borrowed to gain entry into the cash-intensive natural gas shales and tight sands — face liquidity problems and “survival risks” without the full support of their lenders, Moody’s Investors Service said in a report Monday.
Borrowed
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Merchant Sector Prodded to Maintain Intellectual Enthusiasm
Accenture’s Etienne H. Deffarges on Thursday borrowed a quotation attributed to Winston Churchill, telling energy executives that the definition of “failure” was the “ability to go from one failure to another with enthusiasm.” Churchill’s comment, said Deffarges, “spectacularly” defines what has happened and what will happen as the power sector begins its slow ascent.
February 17, 2003
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