With its semi-annual borrowing base redetermination of its revolving credit facility maturing April 2020, Bill Barrett Corp. (NYSE: BBG) saw its bank group reduce the borrowing base from $375 million to $335 million, a reduction of 11%. There were no changes to the terms or conditions of the facility. The facility has $335 million of commitments and there are currently no borrowings outstanding.
Bill Barrett CEO and president Scot Woodall commented, "Maintaining a borrowing base near our previous commitment level demonstrates the strong economics of our properties and reserve additions. We remain financially well-positioned with an undrawn credit facility, over $100 million of cash on hand, and nearly two-thirds of our 2016 oil hedged at approximately $80 per barrel."
The next regularly scheduled borrowing base redetermination will occur on or about October 1, 2016.