U.S. banks are making it tougher for oil and gas companies to secure funding.

According to Reuters, banks review the value of oil and gas producers’ reserve in the ground every six months and decide how much credit to give them. Now, almost two years after oil prices began to slide downward, banks are cutting back on loans.

The source reports that banks have cut $3.5 billion in loans for more than a dozen companies during this round of talks alone, forcing companies to further cut jobs and drilling, sell assets and reduce spending. If prices don’t improve, talks in the fall between banks and oil and gas companies could result in further loan cuts.

Read more: Reuters > U.S. shale oil firms feel credit squeeze as banks grow cautious

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