Meridian Basin Resources
Sep 26 closed month
generated 04 Nov 2026 23:36 UTC
Demonstration. A fictional operator. Every number below is generated. Read-only — nothing here writes anywhere.

Balance sheet and funding

Trailing twelve months EBITDAX $411.0M

Net debt
$542.2M
$585.0M drawn less $42.8M cash
Net leverage
1.32x
covenant 3.5x
Liquidity
$632.8M
$590.0M undrawn + cash
Interest cover
8.5x
EBITDAX over interest expense

Leverage against covenant

At 1.32x against a 3.5x limit there is $896.2M 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$75MOct 25Jan 26Apr 26Jul 26Sep 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

01,875,0003,750,0005,625,0007,500,000Q4 2026: 4,314,326Q4 2026Q1 2027: 3,551,108Q1 2027Q2 2027: 3,198,130Q2 2027Q3 2027: 2,532,672Q3 2027Q4 2027: 2,185,069Q4 2027Q1 2028: 1,681,806Q1 2028Q2 2028: 1,166,992Q2 2028Q3 2028: 700,919Q3 2028— Total volume
QuarterVolumeHedged % hedgedFloorCeiling Instrument
Q4 2026 5,622,173 4,314,326 77% $65.73 $88.64 Swap
Q1 2027 5,537,841 3,551,108 64% $63.31 $86.07 Costless collar
Q2 2027 5,454,773 3,198,130 59% $63.37 $90.19 Costless collar
Q3 2027 5,372,951 2,532,672 47% $65.61 $90.38 Swap
Q4 2027 5,292,357 2,185,069 41% $62.1 $93.57 Costless collar
Q1 2028 5,212,972 1,681,806 32% $62.78 $88.17 Costless collar
Q2 2028 5,134,777 1,166,992 23% $63.58 $94.71 Swap
Q3 2028 5,057,756 700,919 14% $63.95 $87.14 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.