EXCO Resources says Borrowing Base Cut by 13% to $325M

Reuters

March 30 (Reuters) - EXCO Resources Inc said its lenders have cut its borrowing base by 13 percent to $325 million amid a slump in oil prices.

Small and mid-sized oil and gas companies are expected to see large cuts to their credit lines when banks reassess reserve-based loans this spring in the backdrop of a 60 percent drop in oil prices.

The cut comes two days after larger producer Whiting Petroleum Corp said its borrowing base was slashed to $2.75 billion from $4 billion.

(Reporting by Arathy S Nair in Bengaluru; Editing by Don Sebastian)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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