Factbox: U.S. shale oil and gas companies and loan resets
29/09/2015 06:00
Sept 29(Reuters) - Below is a summary of filings and
comments independent U.S. oil and gas producers have made since
Aug. 1 about whether banks have or will amend their credit lines
this month in light of falling oil prices.
Banks typically review credit lines twice a year for smaller
oil and gas companies with loans tied to reserves.
Negotiations normally start several weeks in advance of
autumn redeterminations that usually wrap up by Oct. 1.
Mainly small independents are subject to semi-annual
redeterminations.
Big companies with investment grade ratings, such as EOG
Resources EOG.N and Apache Corp APA.N , do not normally face
redeterminations as they have longer-term credits unsecured by
reserves, according to filings.
FALL RESETS BEING INCREASED OR MAINTAINED
Sept. 28: Bill Barrett Corp BBG.N said borrowing base
reaffirmed at $375 million.
Sept. 24: Gulfport Energy Corp GPOR.O says its borrowing base
was increased $700 million from $575 million by syndicate leader
The Bank of Nova Scotia.
Sept. 22: Memorial Resource Development Corp. MRD.O says
borrowing base under its revolving credit facility increased to
$1.0 billion, from $725.0 million.
Sept. 10: Rex Energy Corp. REXX says borrowing based
maintained at $350 million.
Sept. 10: Energy XXI EXXI.O says confident $500 million
revolver credit will be maintained.
Sept. 9: Whiting Petroleum Corp WLL.N says expects $3.5
billion facility to be maintained after redetermination. It had
more than 34 million of hedged barrels on its books at the end
of the second quarter, slightly more than at the end of the
first quarter.
Sept. 4: Abraxas Petroleum Corporation AXAS.O says its bank
reaffirms its borrowing base at $165 million effective through
April 1, 2016. Abraxas said it added oil hedges for 2017.
Aug. 31: Gastar Exploration GST.A says borrowing base
maintained at $200 million.
Aug. 25: RSP Permian Inc RSPP.N says its bank has increased
its borrowing base by 20 percent to $600 million following an
acquisition.
Aug. 6: Laredo Petroleum Inc LPI.N says its borrowing base was
increased in April and that it expects to have its existing base
reaffirmed this fall.
Aug. 5: Atlas Resource Partners LP ARP.N reaffirms borrowing
base of $750 million.
NO SEMI-ANNUAL REVIEWS
Sept. 8: Range Resources Corporation RRC.N EVP and COO Ray
Walker says its $3 billion borrowing base will be reviewed in
May 2016, giving the company plenty of room.
Sept. 8: Comstock Resources CRK.N CEO Jay Allison tells
investors his company issued a $700 million bond before April
resets this year to avoid resets. "We don't have any
redeterminations, period." He has called redeterminations "kind
of dangerous" for smaller companies.
Sept. 8: Cabot Oil & Gas Corp COG.N tells investors its
borrowing base is reset annually in April. It rose last time.
CEO Dan Dinges says expects to increase the reserve base.
CUTS
Sept. 28: New Source Energy Partners LP NSLP.PK says faces a
borrowing base deficiency under its revolving credit facility,
preventing it from making a distribution to investors.
Sept. 25: Goodrich Petroleum GDP.N says expects borrowing base
to be reduced to $75 million from $1.05 million.
Sept. 15: Halcon Resources Corp. HK.N says its borrowing base
reduced by $50 million to $850 million as part of a debt
exchange.
Aug. 5: PostRock Energy Corp PSTR.O says had a $10.5 million
borrowing base deficiency and that expected further borrowing
base reductions.
Aug. 4: Escalera Resources Co. ESCR says its borrowing base
was reduced to $44 million from $50 million.
(Reporting By Terry Wade; Editing by Tomasz Janowski)
((terry.wade@thomsonreuters.com; 713 210 8513; Reuters
Messaging: terry.wade.thomsonreuters.com@thomsonreuters.net))
Keywords: OIL USA/BANKING