The borrowing base under the senior secured revolving credit facility was reduced to $2 billion, down from $2.4 billion, in the semiannual redetermination, SM Energy Co. (SM) said Oct. 7.
The reduction was primarily because of the roughly-$324 million sale of Midcontinent assets, completed in second-quarter 2015. Also, adjustments consistent with lower commodity prices contributed, the company said.
The commitments from the bank group are unchanged at $1.5 billion. At the end of third-quarter 2015, about $184 million was drawn on the facility.
Denver-based SM Energy Co. explores and develops oil and natural gas across the U.S.
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