Market Trends 2022/2023: Reserve-Based Loan Credit Agreements in the Oil and Gas Industry


This practice note provides an overview of reserve-based loans (RBLs) in the oil and gas (O&G) industry and discusses recent market trends in certain publicly filed deals from 2022 to Q1 2023. RBLs are a type of asset-based loan (referred to as ABLs) that are commonly used in the upstream O&G industry, especially among non-investment grade companies.