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Debt-heavy, natural gas-weighted companies are selling off assets to raise the cash they need to meet higher forecast capital spending, though there’s no corresponding increase in their production outlook.

Faced with rising costs and scarce funds, companies such as Quicksilver Resources and Range Resources say selling acreage is necessary to unlock money to spend on drilling for more oil CLc1 LCOc1.

Shares of Quicksilver, Ultra Petroleum and Cimarex Energy have been hit after the cash-strapped companies had to raise their capex forecasts.

“These (gas-focused exploration and production) companies tend to spend more than they generate. It’s a question of how much more,” said Imperial Capital analyst Michael Jones.

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