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CM - WPX borrowing base up to $2.1B, Q1 net loss narrows - May 2019

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WPX Energy, Inc. reported that its borrowing base was increased to $2.1 billion and total commitments remained at $1.5 billion. Each participant in the Wells Fargoled 20-bank syndicate has a $75 million allocation. The company will switch from a semi-annual borrowing base redetermination schedule to an annual one that will occur every April 1. Conditions include a 3.0:1.0 or under consolidated net leverage ratio and the aggregate elected commitment borrowing base percentage is equal to or higher than 25%. The......
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