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Earthstone Energy Inc.'s credit redetermination has been completed with the borrowing base now set at $275 million, representing a 15% decrease from the previous borrowing base of $325 million.
As of March 31, 2020, Earthstone had outstanding borrowings under its Credit Facility of $152 million, which represents a reduction of 11% compared to the $170 million in outstanding borrowings as of December 31, 2019.
The Company's only debt is borrowings under the Credit Facility.
Robert J. Anderson, President and Chief Executive Officer of Earthstone, stated, "Earthstone remains well positioned in terms of liquidity and debt levels despite the recent dramatic drop in commodity prices. As recently announced, we have reduced our 2020 capital program by 67% and expect to generate free cash flow beginning in the second quarter that we will use to reduce borrowings under our credit facility. We continue to carefully manage our financial position and operations in this challenging time within our industry and beyond. We are very appreciative to have the continued support of our bank syndicate and look forward to continuing our partnership with them."
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