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WPX Energy Closes Amended Revolver

March 21, 2016, 07:32 AM
Filed Under: Energy

WPX Energy has amended and restated its revolving credit facility. WPX received total commitments of $1.2 billion on a senior secured facility, with an initial borrowing base of $1.025 billion. The revolver matures on October 29, 2019.

The amended terms and covenants provide WPX with increased flexibility and full access to the facility. The size of the revolver is based on the previously announced sale of the company's Piceance subsidiary, which is expected to close in early second-quarter 2016.

Kevin Vann, WPX senior vice president and chief financial officer, said, “This facility provides clarity and a validation of the positive financial health of the company. Most importantly, it gives us ample liquidity for a post-Piceance WPX as we prepare to close that asset sale in the second quarter.”

WPX is an oil-focused energy company with operations in the Permian’s Delaware Basin, the Williston Basin and the San Juan Basin. The company reshaped its holdings through more than $5 billion of transactions and posted double-digit oil volume growth in each of the past four years.

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