Subsequent Events |
3 Months Ended |
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Mar. 31, 2021 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events
Fourth Amendment to the Credit Agreement
On May 3, 2021, the Company entered into the fourth amendment to its credit agreement governing the Credit Facility. The amendment, among other things, (a) reaffirmed the borrowing base and the elected commitment amount of $1.6 billion as a result of the spring 2021 scheduled redetermination; and (b) permits the prepayment, repurchase or redemption of Junior Debt (as defined in the credit agreement governing the Credit Facility), which includes the Senior Unsecured Notes and the Second Lien Notes, in an aggregate amount not to exceed $100.0 million, commencing April 1, 2021, if certain liquidity and free cash flow thresholds are met.
Non-Core Asset Divestitures
In April 2021, the Company entered into purchase and sale agreements for the divestiture of certain non-core assets in the Delaware Basin. The transactions, which are primarily comprised of natural gas producing properties in the Western Delaware Basin as well as a small undeveloped acreage position, have agreed upon purchase prices totaling approximately $40.0 million and are expected to close during the second quarter of 2021.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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