EXCO Resources says Borrowing Base Cut by 13% to $325M
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)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.