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LONE - Lonestar Resources: Increased Odds Of A Near-Term Restructuring
Lonestar Resources US Inc Com
Lonestar Resources (LONE) appears likely to end up with a borrowing base deficiency once its spring 2020 borrowing base re-determination is finished. I had thought that Lonestar would cut its 2020 capex budget by a larger amount in order to increase its paydown of debt. However, its relatively modest (15% at guidance midpoint) reduction in capex means that it will only achieve modest debt paydown in 2020 now, despite very strong hedges.
This means that Lonestar may have trouble addressing the potential borrowing base deficiency and increases the odds of a 2020 bankruptcy