Finance & Investing | Debt | Hedging | Capital Markets | Private Equity Activity
EV Energy's Borrowing Base Cut; Adds Hedges
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EV Energy Partners, L.P. has seen its borrowing base cut from $625 million to $450 million.
Michael Mercer, President and Chief Executive Officer, said: "Given the decline in forward commodity prices that banks are using, the borrowing base reduction was in-line with our expectations. Accounting for the reduction in available borrowing base capacity, we have over $200 million of liquidity, which is sufficient to meet our near term capital needs. We appreciate the continued support of our bank group and believe that this amendment provides us with flexibility to operate effectively in the current environment."
Additional Commodity HedgesEVEP has recently entered into the following additional commodity hedges since its February 29, 2016 earnings announcement.
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