Oasis Maintains/Increases Borrowing Base At Mid-Year Redetermination -- April 14, 2015

From a press release:

Oasis Petroleum Inc. today announced that the lenders under its revolving credit agreement completed their regular semi-annual redetermination of the borrowing base, resulting in a borrowing base of $1,700 million.  The Company increased the lenders' aggregate elected commitment to $1,525 million from $1,500 million.  The lenders' aggregate commitment can be increased to the full $1,700 million borrowing base by increasing the commitment of one or more lenders. 

Additionally, the Company extended the maturity date of the facility from April 2018 to April 2020, provided that the Company's 2019 Senior Notes are retired or refinanced 90 days prior to the maturity of the 2019 Senior Notes.  Oasis' borrowing base facility is supported by 18 financial institutions.  The next redetermination of the borrowing base is scheduled for October 1, 2015.

This is so cool. Fits the story line that was first posted some weeks ago. 

A thank you to Don for this link as well as the link regarding EOG's share of the 900 wells waiting to be fracked.

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Very, Very Interesting -- Saudi Arabia Watching With Anxiety

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From Seeking Alpha:

• The price of oil will recover but not back to triple-digits, Citigroup says, leading the firm to recommend ConocoPhillips, Devon Energy, Total, and Statoilwhile downgrading BP.
• Many companies have not left enough headroom to deal with a lower oil price environment after the hot pursuit of growth in recent years, the firm says, believing those most challenged in the new paradigm are players focused on liquefied natural gas and heavy oil, as well as most of the big oil names.
• Citi says “shale is the core of the survivors' party,” and that investors can get "good value exposure” by buying COP and DVN; self-help also will be part of surviving $60-$75 oil, pointing to TOT and STO as having the most potential.
• The firm cuts BP to Neutral because it thinks all its potential self-help has been priced into the stock.

Saudi won't do well on $60 oil.