Debt | Financial Trouble | Capital Markets | Drilling Program - Wells | Capital Expenditure - 2020 | 2020 Guidance
Permian E&P Maxes Out Credit Facility; Halts All D&C Activity for 2020
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Rosehill Resources Inc. has withdrawn its previously issued 2020 guidance in light of deteriorating global markets and commodity prices.
2020 D&C Activity HaltedRosehill has halted all drilling and completion activity for 2020.
The Company now has five drilled uncompleted wells all located in Loving County after drilling eight wells and completing eight wells to date in 2020.
Average net production for 2020 thus far was approximately 20,900 BOEPD.
Maxes Out Credit FacilityRosehill also fully drew the amount available under its revolving credit facility, likely ahead of a borrowing base reduction which would have prevented them from accessing the cash. They might see their borrowing base reduced shorting, in which case they would have 6 months or so to payback the shortfall.
Drawing…
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