Atlantic Union Bank is expanding its asset-based lending team to help working capital intensive companies meet their financing needs. The team will now operate as a new specialty finance division, branded Atlantic Union Business Credit, and offer a full range of asset-based lending solutions specializing in loan commitments from $5 million to $30 million.

The shock to the U.S. Oil & Gas market in first quarter 2020 was sparked by the start of the COVID-19 pandemic and exacerbated by a price war between Saudi Arabia and Russia, massive oversupply and plummeting demand. This shock is now rapidly accelerating into a crisis for upstream E&P, midstream and oilfield services companies, as well as their many financial partners and stakeholders.  Headlines in the media focus on the "bust cycle" spurred by public company bankruptcies such as Chesapeake Energy and Diamond Offshore.  However, this summer we will hear more about middle-market players reeling from severe short-term impacts and the reality that some wells may not return to profitability (if they really were profitable) anytime soon.  While we do not have a crystal ball to foresee the future, our research and oil price sentiment does not indicate a substantive rebound in pricing-per-barrel before the first quarter of 2021 or later.