Low oil prices are expected to force Canadian banks to cut their credit lines for many exploration and production companies by 15 to 20 per cent, analysts at Canaccord Genuity warned.One reason is because many of the hedges that oil producer have in place are maturing, which means their reserves will be assigned lower valuations.Canadian oilpatch may be out the game if new pipelines not built, industry group saysHow low can oil go? Goldman Sachs says $20 a barrel is a possibilityOilfield theft, vandalism up amid crude downturn: ‘People get laid off. They get mad’Much of the oil patch is facing debt facility reviews and renewals, while domestic credit quality remains a primary concern for Canadian bank investors.There have been no major flare ups yet, but Canaccord financial services analyst Gabriel Dechaine noted that there was a spike in third quarter oil and gas loan impairments.Guidance from banking executives also suggests impairments will likely rise as fall approaches, and more examples are showing up that demonstrate the banks are cutting back on lending to the energy sector.the broader economic impact of low oil prices is the most important consideration, its direct impact on credit quality is unquestionably relevant, Dechaine told clients, adding that National Bank of Canada has potentially the greatest relative exposure to possible credit quality deterioration in the banking sector.He also highlighted Bank of Nova Scotia as another name with higher than average exposure to the oil and gas sector, both in Canada and internationally.Canaccord energy analysts expect reduced bank lines will lead to more oil patch M forecasting $1.2 billion worth of deals among junior and intermediate companies. They also anticipate the trend toward lower spending will continue.will be winners and losers; as with every significant cycle, we believe the quality companies will emerge in a position of strength, the analysts said, highlighting Vermilion Energy Inc.

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