Drilling & Completions | Deals - Joint Ventures | Capital Markets | Drilled Uncomplete (DUC)
SM's Credit Line Reaffirmed at $1.1B; Plans to Complete Six South TX DUCs
Email
Print 
Bookmark
SM Energy Co. has reported several updates including results of its borrowing base redetermination and a new third party agreement for new wells in South Texas.
Borrowing Base Reaffirmed
SM reported that its lender has reaffirmed its senior secured revolving credit facility at $1.1 billion, which provided liquidity of approximately $880 million as of September 30, 2020.
The company's second-lien debt capacity of approximately $380 million was extended until the spring 2021 borrowing base redetermination.
Secures Funding for South TX DUCs
The Company also announced that it has entered into an agreement with a third party to fund the majority of completion costs associated with six wells in South Texas. As a result, fourth quarter capital expenditure guidance is reduced by approximately $15 million.
The well completion program associated with the agreement includes co-development of three lower Eagle Ford and three Austin Chalk wells currently in the Company's DUC inventory.
The Company will operate the wells and retain a 50% working interest.
Related Categories :
Drilled Uncomplete (DUC)
More Drilled Uncomplete (DUC) News
-
Brigham Minerals First Quarter 2022 Results
-
Brigham MInerals First Quarter 2021 Results
-
Continental IDs 2021 Capex, Plans Production Increase; Talks 2020 Results -
-
Haynesville Operator to Ramp Drilling & Completions in 2021 -
-
Centennial Resource Development Third Quarter 2020 Results
Gulf Coast News >>>
-
Seventeen (17) E&Ps; To Use 47 Frac Crews To Complete 2,800 Wells In 2024
-
Permian E&P Ups 2024 Well Completed by +27% vs. 2023
-
Contrary to The Noise, U.S. Oil Production will Likely Growth 4-5% In 2024; A look Inside -
-
Eagle Ford Operator Cuts 2024 Well Planned by 30% -
-
An Early Look at Company 2024 Capital & Development Plans
