Written by Spear
As the industry has soured over the past months, low-budget oil producers have been strapped for cash. A new form of energy lender has stepped up to the plate to provide capital to these companies that need it most.
“Yeah they give you $25 million on Monday and then you have to pay back $25.1 million next Monday” one oil executive boasted. “Who the hell cares about $.1 million? This is Texas baby.”
It is often common practice for the lending institutions to require nothing more than a signature as collateral. In such a struggling industry, this leaves many oil executives perplexed.
“Some of their offices have bars on the windows, but if they’re giving out free money I’ll sure take it.”
When questioned further on the issue, one executive claimed, “In troubling times like these it is important to play chess not checkers. I don’t feel sorry for taking advantage of a lending institution like this. You got to be a cutthroat negotiator to make it in the oil industry.”
The same executive beamed as he continued,”Turns out they offer these terms for personal loans as well. How do you think I have been feeding my 8 kids 64oz girthy, Texas steaks every night?”
The lending institutions could not be reached for comment.