People search for certainty in times of turmoil, but predictions, polls and surveys about oil price decks and borrowing bases fluctuated as experts grappled with rapidly changing conditions due to the COVID-19 pandemic and the oil price crash.

Both factors have had a deep impact on what E&Ps and their lenders expect compared to what they thought last fall, according to a report by Haynes and Boone LLP released early April.

In response to the oil price crash, Haynes and Boone had to conduct its 11th annual survey of borrowing base expectations more than once, first getting answers between Feb. 24 and March 7, then again between March 8 and 25. The 207 respondents included E&P executives who made up 46% of the answers, while financial providers such as lending banks and private equity firms were 34% of the total.

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