Tulsa-based WPX Energy announced it amended and restated its revolving credity facility, getting a total commitments of $1.2 billion on a senior secured facility with an initial borrowing base of $1.025 billion. The revolver matures Oct. 29, 2019.
“This facility provides clarity and a validation of the positive financial health of the company,” said Kevin Vann, WPX senior vice president and chief financial officer. “Most importantly, it gives us ample liquidity for a post Piceance WPX as we prepare to close that asset sale in the second quarter.
The amended terms and convenants 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 on early second-quarter 2016.
WPX reshaped its holdings through more than $5 billion of transactions and posted double-digit oil volume growth in each of the past four years.
