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
Exclusive: Halliburton’s Frac Automation Roadmap
2024-03-06 - In this Hart Energy Exclusive, Halliburton’s William Ruhle describes the challenges and future of automating frac jobs.
AVEVA: Immersive Tech, Augmented Reality and What’s New in the Cloud
2024-04-15 - Rob McGreevy, AVEVA’s chief product officer, talks about technology advancements that give employees on the job training without any of the risks.
AI in Oil: Revolution’s Coming, but Tech Adoption Remains Tentative
2024-04-05 - CERAWeek experts say AI will disrupt oil and gas jobs while new opportunities will emerge as the industry braces for an AI-driven workflow transformation.
CERAWeek: AI, Energy Industry Meet at Scary but Exciting Crossroads
2024-03-19 - From optimizing assets to enabling interoperability, digital technology works best through collaboration.
CERAWeek: Large Language Models Fuel Industry-wide Productivity
2024-03-21 - AI experts promote the generative advantage of using AI to handle busywork while people focus on innovations.