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Fly News Breaks for October 21, 2016
MEMP
Oct 21, 2016 | 07:17 EDT
Raymond James analyst Kevin Smith downgraded Memorial Production to Underperform from Market Perform on liquidity concerns. Smith sees the upcoming borrowing base redetermination as a potentially significant negative catalyst as lenders will use a crude price outlook that is slightly below strip pricing in the redetermination. Combined with a declining production profile and favorable hedges rolling off, the analyst believes Memorial could see a borrowing base reduction of 15-20%, significantly limiting Memorial's liquidity.
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