Northern Oil and Gas’ revolving credit facility has increased to $1.5 billion from $1.25 billion as part of its semi-annual borrowing-base redetermination, the company said on April 29
Under its reserve-based revolving credit facility, the borrowing base will remain at $1.8 billion. Northern said JP Morgan Chase Bank, Mizuho Bank and Comerica Bank have joined as new members of the facility’s lending syndicate.
“We are excited to welcome JP Morgan Chase, Mizuho and Comerica to our lending syndicate,” Northern CFO Chad Allen said in a press release. “The growing commitment of our lenders is a testament to the success and discipline of our growth strategy, and the opportunities ahead of us. Our massive liquidity advantage continues to expand versus our non-operated peers providing us with an ever-increasing competitive advantage.”
Recommended Reading
Gunvor Group Inks Purchase Agreement with Texas LNG Brownsville
2024-03-19 - The agreement with Texas LNG Brownsville calls for a 20-year free on-board sale and purchase agreement of 0.5 million tonnes per annum of LNG for a Gunvor Group subsidiary.
Heard from the Field: US Needs More Gas Storage
2024-03-21 - The current gas working capacity fits a 60 Bcf/d market — but today, the market exceeds 100 Bcf/d, gas executives said at CERAWeek by S&P Global.
CERAWeek: Gunvor Sees Balanced Oil Market, No Tightness in LNG Supplies
2024-03-18 - The global LNG market is not currently tight, Gunvor Chairman Torbjörn Törnqvist said at CERAWeek, contradicting the view shared earlier in the day by TotalEnergies.
Proactive, not Reactive: Taking Measures to Keep Oil Stable
2024-03-21 - Events threatening instability are commonplace in the energy sector. Panelists at CERAWeek by S&P Global discussed the strategies their companies are taking to tackle uncertainty.
Chesapeake Stockpiles DUCs as Doubts Creep in Over Southwestern Deal
2024-05-02 - Chesapeake Energy is stockpiling DUCs until demand returns through growth from LNG exports, power generation and industrial activity.