LONDON, March 20 (Reuters) - The world's top oil companiesraised a record $31 billion of debt in the first two months of2015, Morgan Stanley research shows, taking advantage ofultra-low borrowing costs to prop up dividends, balance sheetsand acquisition funds.
The top U.S. and European oil companies, includingExxonMobil, Chevron, BP, Total and Statoil, accounted for 48 percent of a total of $63billion of debt raised by oil and gas companies globally inJanuary and February.
Since the start of the year, Exxon issued $8 billion ofdebt, while Total, Chevron and BP each issued $6 billion,according to the bank's research.
The $31 billion raised in the first two months of 2015 ishigher than the previous record quarter set in the first quarterof 2009 when these companies issued $28 billion.
The halving of global oil prices since last July hasroiled oil companies, forcing many to cut spending and sellassets in order to maintain their balance sheets and paydividends.
But most major oil companies still need to increaseborrowing in order to break even, given lower oil revenues.
Exceptionally low interest rates in Europe and the UnitedStates have also allowed large companies to raise debt at recordlow rates, Morgan Stanley said.
Companies are also raising funds for potential acquisitionsin the sector, which is expected to pick up in the second halfof the year, it said. (Reporting by Ron Bousso)
BP (BP.)
