Newfield alters covenants, definitions via credit agreement amendment

By Wendy Van Sickle

Columbus, Ohio, March 21 – Newfield Exploration Co. made some covenant and definition changes via a Friday amendment to its credit agreement dated June 2, 2011 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

Modifications under the agreement’s fifth amendment include

• Changes to the definitions of consolidated EBITDAX, consolidated interest expense and consolidated net income to exclude or include, as applicable, extraordinary or non-recurring items and certain non-cash items;

• Decreasing of the minimum permitted ratio of consolidated EBITDAX to consolidated interest expense to 2.5x for the four fiscal quarters most recently ended; and

• The addition of certain provisions related to the new regulations applicable to lenders promulgated by the European Union.

Newfield is an oil and gas company based in the Woodlands, Texas.

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