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Borrowing base redeterminations: available credit deteriorating

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Results from the spring 2020 borrowing base redetermination season continue to show that most RBL borrowers had their borrowing bases cut as expected, but associated cuts to available credit are declining at a slower pace than notional borrowing base values. We are tracking borrowing base outcomes on an ad hoc basis to quantify the liquidity squeeze on upstream operators. We have updated our Borrowing Base Tracker as many operators disclosed redetermination outcomes alongside their Q1 earnings. Borrowing base values and elected commitment amounts are converging, and liquidity is shrinking fast. If low prices persist, the fall redetermination season is shaping up to be potentially more detrimental to borrowers.

Table of contents

  • Background
    • Redetermination Actions
    • Results: notional borrowing base values
    • Results: elected commitment amounts
    • Results: overall liquidity
    • Results: Peer-group trends
    • Key Company Takeaways
    • Additional Considerations
    • Rolling Updates

Tables and charts

This report includes 6 images and tables including:

  • Borrowing Base Actions
  • Borrowing Base Values
  • Elected Commitments Amount
  • Borrowing Base Value vs. Elected Commitment Amounts
  • Liquidity Changes
  • Peer group percentage changes

What's included

This report contains:

  • Document

    Borrowing Base Redetermination Tracker .xlsx

    XLSX 121.20 KB

  • Document

    Borrowing base redeterminations: available credit deteriorating

    PDF 1.37 MB