SM Energy Co.’s (NYSE: SM) borrowing base under its senior secured revolving credit facility was maintained at $2.4 billion following its lenders’ regularly scheduled semi-annual redetermination. SM Energy has elected to leave the aggregate commitment amount from the bank group unchanged at $1.5 billion.
The redetermination was made under the terms of the existing facility, and there were no other changes to the terms of the credit facility resulting from this borrowing base redetermination.
Jay Ottoson, president and CEO, commented, “We exceeded our operated production expectations in the first quarter with operated capital investment right at our plan. Our production outperformance and reaffirmed borrowing base in a distressed commodity price environment are a result of our ability to efficiently add production and proved reserves in our core development programs. We plan to reforecast our annual production for 2015 following the completion of our Mid-Continent asset marketing process.”