Meridian Basin Resources
Aug 26 closed month
generated 20 Sep 2026 08:43 UTC
Demonstration. A fictional operator. Every number below is generated. Read-only — nothing here writes anywhere.

Balance sheet and funding

Trailing twelve months EBITDAX $448.7M

Net debt
$542.2M
$585.0M drawn less $42.8M cash
Net leverage
1.21x
covenant 3.5x
Liquidity
$632.8M
$590.0M undrawn + cash
Interest cover
9.2x
EBITDAX over interest expense

Leverage against covenant

At 1.21x against a 3.5x limit there is $1.03B of EBITDAX headroom — the amount cash flow could fall before the covenant binds. That is the number to watch when prices move, not the debt balance itself.

EBITDAX, 12 months

$0$19M$38M$56M$75MSep 25Dec 25Mar 26Jun 26Aug 26

Borrowing base

Drawn: 34.4%Undrawn: 65.6%34%drawn
Borrowing base$900.0M
Drawn$310.0M
Undrawn$590.0M
Cash$42.8M
Total liquidity$632.8M
Current ratio1.42

Reserves

Proved developed: 63.9%Proved undeveloped: 36.1%215MMBOE proved
Proved developed PV-10$1.31B
Proved undeveloped PV-10$740.0M
Proved reserves214.6 MMBOE
Developed share63%
Reserve life10.1 years
Reserve life is proved reserves over the last twelve months of net production. Developed share matters more than the headline: undeveloped reserves need capital before they are worth anything.

Hedge book, next eight quarters

01,875,0003,750,0005,625,0007,500,000Q3 2026: 3,959,827Q3 2026Q4 2026: 3,739,200Q4 2026Q1 2027: 3,024,503Q1 2027Q2 2027: 2,661,427Q2 2027Q3 2027: 2,040,547Q3 2027Q4 2027: 1,677,456Q4 2027Q1 2028: 1,191,741Q1 2028Q2 2028: 705,048Q2 2028— Total volume
QuarterVolumeHedged % hedgedFloorCeiling Instrument
Q3 2026 5,597,417 3,959,827 71% $64.29 $88.1 Swap
Q4 2026 5,513,455 3,739,200 68% $65.73 $88.64 Costless collar
Q1 2027 5,430,754 3,024,503 56% $63.31 $86.07 Costless collar
Q2 2027 5,349,292 2,661,427 50% $63.37 $90.19 Swap
Q3 2027 5,269,053 2,040,547 39% $65.61 $90.38 Costless collar
Q4 2027 5,190,017 1,677,456 32% $62.1 $93.57 Costless collar
Q1 2028 5,112,167 1,191,741 23% $62.78 $88.17 Swap
Q2 2028 5,035,484 705,048 14% $63.58 $94.71 Costless collar
Executives read one thing off a hedge book: how much of next year's cash flow is already protected and at what floor. Coverage falls off further out because that is where the market is thinnest and the volume least certain.