From yahoo message board, Q1 conference call: you can verified on seekingalpha.com yourself if u want.
"As discussed in the fourth quarter conference call, we expected the first quarter 2015 to be a low point of our plan for the year, as we will see production building, along with continued operating capital cost declines throughout the year. As such, we expect to see cash flow and coverage build over the year.
Now, moving on to a discussion of debt and liquidity; in March during our regularly scheduled semi-annual borrowing base redetermination and as a result of sustained low commodity prices, the borrowing base in our MEMPs senior secured credit facility was decreased from $1.44 billion to $1.30 billion. We view this 10% decrease as comparing favorably, with the majority of the E&P revolver market, which solved declines broadly in the range of 10% to 30%, and was in line with our expectations, given our strong hedge book.
Total debt outstanding as of April 30th was $1.8 billion, including $1.2 billion of senior notes and $613 million of revolver debt. This leaves revolver availability of $682 million, including the impact of $4.8 million in letters of credit. This liquidity position sets us up very well to take advantage of future acquisition opportunities, and what we expect, to be a very active A&D market as the year progresses.
Next, I would like to talk about our hedging strategy and execution; our hedges remain a vital part of our discipline strategy and still play an integral role in the success of the partnership. Our hedges extend through 2019 and are essentially all swaps, which are very transparent and easy to evaluate. We are fully hedged to our maximum capability on natural gas through 2019, crude oil through 2018, and we have NGL hedges going out to 2017. This equates to 84% of our total current expect to production being hedged to 2015, at a weighted average equivalent price of $7.51 per MMBTU."
