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More Borrowing Base Cut News
Exterran Corp.'s Credit Facility Reduced to $650MM; Down 7% from Prior
Exterran Corp. announced an amendment to its credit facility. As a result, the size of the credit facility will be adjusted from $700 million to $650 million. The…
Kosmos Borrowing Base Cut by $130MM to $1.32B
Kosmos Energy has successfully completed the re-determination of its reserve based lending credit facility. The Company's lending syndicate approved a borrowing base capacity of $1.32 billion, a reduction…
Permian E&P Borrowing Base Cut -13%; Shoring Up Balance Sheet
Earthstone Energy reported that its borrowing base was cut from $275 million to $240 million (-13%). Total outstanding debt is now $130 million vs $168.6 million as of…
Berry Corp. Borrowing Base Reduced to $200MM; Hedges Added
Berry Corp. reported that it has seen a reduction in its RBL elected commitment to $200 million. This reduction equates to an annual savings of $1 million. Cary…
Panhandle's Credit Cut Over 50% to $32MM; Current Debt of $28MM
Panhandle Oil & Gas has reported changes to its revolving credit facility by its lenders. The amended facility reduces the Company's borrowing base to $32 million effective June…
Canada News
Western Canada Upstream M&A: Q1 2026 Transaction Report
Western Canadian M&A activity in Q1 2026 was characterized by a 87% decrease in total deal value compared to Q1 2025, totaling $0.8 billion C$. However, transaction volume…
Canadan E&P 2026 Program Calls for 448 Net Wells, Up 24% vs. 2025 Plan
Canadian Natural Resources outlined a 2026 operating capital budget of approximately $6.3 billion (total capital budget $6,425 million, including $125 million for carbon capture) targeting 1,590–1,650 MBOE/d of…
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
The “~2.2 MMb/d glut in 2025” framing traces to the EIA’s Short-Term Energy Outlook (STEO), December 2025. EIA doesn’t usually write “glut” in the tables—what they publish is…
Whitecap Details 2026 Duvernay & Montney Program
Whitecap Resources reported strong third quarter 2025 operating and financial results, marking its first full quarter following the strategic combination with Veren that closed on May 12, 2025.…
ARC Resources: Lower 2026 Capex, Higher Volumes
ARC Resources used its third quarter update to reinforce a familiar message to Canadian E&P executives: disciplined capital, structurally better market access, and a growing shareholder return program…
North America News
Baytex 2026 Development Plans
Baytex’s 2026 development plan reflects a post–Eagle Ford sale capital program and a sharpened focus on its core Canadian assets. The Company approved 2026 exploration and development expenditures…
Tourmaline: 2026 Capital Program Locked In at $2.9B
Tourmaline’s 2026 exploration and production (EP) program is set at $2.9 billion and targets average production of 690,000–710,000 boepd, with the company maintaining the multi-year EP Plan released…
Cenovus Outlines 2026 Development Plan Following MEG Integration
Cenovus’ 2026 plan targets capital investment of $5.0 billion to $5.3 billion (including ~$350 million of capitalized turnaround costs) and upstream production of 945,000 BOE/d to 985,000 BOE/d,…
Gran Tierra Energy To Step Down Activity in 2026
Gran Tierra Energy’s 2026 development plan reflects a step-down in spending and activity as the company transitions from fulfilling Ecuador exploration commitments in 2025 toward a free-cash-flow-focused program.…
Advantage Plans $300–$330MM 2026 Capital Program
Advantage’s 2026 development plan centers on Glacier-focused drilling and key midstream work. The company plans total capital spending of $300 million to $330 million and expects production to…