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. (bit.ly/1SwvBnw)
(Reporting by Arathy S Nair in Bengaluru; Editing by Don
The article EXCO Resources says borrowing base cut by 13 pct to $325 mln was originally published at Reuters - US Energy.