6. Debt

Facility

In March 2011, the Company secured a $2.0 billion commercial debt facility (the “Facility”) from a number of financial institutions and extinguished the then existing commercial debt facilities. The Facility was syndicated to certain participants of the existing facilities, as well as new participants. The Facility supports our oil and gas exploration, appraisal and development programs and corporate activities. As part of the November 2012 amendment, the total commitments for the Facility were reduced to $1.5 billion.

The Facility provides a revolving-credit and letter of credit facility for an availability period that expires on May 15, 2014, (in the case of the revolving-credit facility) and on the final maturity date (in the case of the letter of credit facility). The available facility amount is subject to borrowing base constraints and is also constrained by an amortization schedule (once repayments under the Facility begin). The Facility was amended in April 2013 to change the expiration of the availability period from May 15, 2014 to December 15, 2014 and to revise the amortization schedule. Beginning on December 15, 2014, outstanding borrowings will be subject to an amortization schedule. The final maturity date of March 29, 2018 was not changed by the amendment.

In March 2013, as part of the normal borrowing base determination process, the availability under the Facility was reduced $41.3 million to $1.3 billion. As of March 31, 2013, borrowings under the Facility totaled $1.0 billion and the undrawn availability under the Facility was $299.1 million.

Corporate Revolver

In November 2012, we secured a revolving credit facility (the “Corporate Revolver”) from a number of financial institutions. As of March 31, 2013 and December 31, 2012, there were no borrowings outstanding under the Corporate Revolver and the undrawn availability under the Corporate Revolver was $260.0 million. In April 2013, the availability under the Corporate Revolver was increased from $260.0 million to $300.0 million due to additional commitments received from existing and new financial institutions.

At March 31, 2013, the scheduled maturities of debt during the five year period and thereafter are as follows:

	Payments Due by Year
	2013(1)		2014		2015		2016		2017		Thereafter
	(In thousands)
Facility(2)	$	—	$	134,759	$	325,235	$	35,272	$	393,623	$	111,111

(1) Represents payments for the period April 1, 2013 through December 31, 2013.

(2) The scheduled maturities of debt are based on the level of borrowings and the forecasted available borrowing base as of March 31, 2013. Any increases or decreases in the level of borrowings or decreases in the available borrowing base would impact the scheduled maturities of debt during the next five years and thereafter.