SM Energy Company (NYSE: SM) announces that it has completed the
semi-annual redetermination of its borrowing base under its senior
secured revolving credit facility. The borrowing base was reduced to
$2.0 billion from $2.4 billion. This expected reduction was primarily
the result of the Company’s sale of Mid-Continent assets for
approximately $324 million, completed in the second quarter of 2015,
plus adjustments consistent with lower commodity prices. The Company has
elected to leave the commitments from the bank group unchanged at $1.5
billion. As of the end of the third quarter of 2015, approximately $184
million was drawn on the credit facility.
ABOUT THE COMPANY
SM Energy Company is an independent energy company engaged in the
acquisition, exploration, development, and production of crude oil,
natural gas, and natural gas liquids in onshore North America. SM Energy
routinely posts important information about the Company on its website.
For more information about SM Energy, please visit its website at www.sm-energy.com.
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Copyright Business Wire 2015
Source: Business Wire
(October 7, 2015 - 5:45 PM EDT)
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