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Thursday, May 21, 2015 8:25:42 PM
Further, Newfield Exploration has raised $815 million by selling equity and paid off its previous credit facility. The company has now increased its revolver by $400 million to $1.8 billion while its term has been extended by 2 years to 2020.
The company's pro forma liquidity now stands at $2.1 billion, with nothing drawn on the revolver credit facility. The company can generate nearly $700 million in annual cash flows, even if the cash flows drop by 50% from last year due to lower commodity prices.
With revamped liquidity and cash flows, Newfield Exploration clearly has ample resources to cover the $1.2 billion capital budget for 2015.
Purely My Own Opinion. Do Your Own Due Diligence.
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