The Wrath of Godzilla
Oil and gas companies have become wary of debt like the residents of Odo feared the wrath of Godzilla, rising up from the sea to wreak havoc at any moment and smashing buildings in a single bound.

In a highly capital intensive industry like oil and gas development, debt is a necessity. Bank debt and corporate bonds are a means of acquiring the capital required to drill thousands of wells to obtain the fuels that generate the energy and products on which modern society depends.

Since the downturn in commodity prices,...

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