"Trading Reserve-Based Energy Loans" by Julia Lu

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AIRA Journal
September 2016

As debt issued by oil and gas exploration and production companies continues to trade at distressed levels, the secondary loan market has focused on the distinct lending structures developed to finance the exploration and production of energy in the United States. In today's volatile price environment for energy-related commodities, the borrowing bases for reserve-based revolvers - and therefore the amount of commitments available under these credit agreements - have declined dramatically with the price of oil.

In this article for the AIRA Journal, RK&O partner Julia Lu provides a roadmap for market participants as they identify, analyze and value reserve-based energy loans and commitments.

Click here to read "Trading Reserve-Based Energy Loans".