Drilling & Completions | Top Story | Capital Markets | Capital Expenditure | Capex Decrease | Drilling Program-Rig Count | Capital Expenditure - 2020
Centennial Axes 2020 Plan Again; Credit Line Cut 42%, Eyes Debt Exchange
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In its recent 8-K filing, Centennial Resource Development detailed several important developments.
This includes changes to its 2020 plan, including slashing rigs and spending for a second time), senior note exchanges as well as a sizable cut to its borrowing base.
Quick Rundown of Developments: 2020 Spending Down 60%: Updated 2020 capex of $265MM (down 60% from original plan) - further details on 2020 changes below Borrowing Base Cut 42%: Centennial's lenders have cut its borrowing base by 42%, lowering it to $700 million from the prior $1.2 billion Senior Note Exchange: The company has launched a senior note exchange, hoping to lure note holders to swap out their existing notes (further details below) Latest Deal in Jeopardy: Additionally, Centennial noted in its filing that it…- ✓ Full news archive — U.S., Canada & international coverage
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