Whiting Expects More than $1 Bln in Credit Line Cuts
Jim Volker (Photo: Whiting Petroleum Corp)
Whiting Petroleum Corp expects its credit line to be cut by more than $1 billion in an early May borrowing base redetermination, the latest industry fallout from low oil prices, Chief Executive Jim Volker said on Thursday.
Whiting, the largest oil producer in North Dakota's Bakken shale formation, had $2.7 billion left on a loan revolver at the end of 2015.
As part of a regular loan redetermination process, Whiting's lenders review access to credit based on market factors, including the drop in oil prices.
Volker said on Thursday he expects Whiting will have "at least $1.5 billion" left on the loan after the redetermination.
"I'm sure we'll still have lots of liquidity after our next borrowing base redetermination," Volker said at the DUG Rockies conference in Denver.
(Reporting by Ernest Scheyder)
