Bankruptcy

Bankruptcy filings by North American exploration and production (E&P) firms declined dramatically in 2021 versus 2020, so much so that Haynes and Boone LLP is calling an end to the bankruptcy cycle that began during the 2015 oil market downturn. The law firm has been tracking these filings ever since, via its Oil Patch Bankruptcy…

Basic Energy Services Inc. is once again seeking voluntary bankruptcy protection and plans to sell off a substantial portion of its Lower 48 assets. Hit by the oil price rout in 2015 and 2016, the Fort Worth, TX-based oilfield services operator successfully emerged from voluntary bankruptcy five years ago. After Covid-19 bashed energy demand last…

The plethora of bankruptcies that engulfed the North American oil and gas sector as Covid-19 stripped demand has begun to subside, according to Haynes and Boone LLP. The law firm since 2015 has monitored the North American oil patch, oilfield services (OFS) and midstream sectors to tally bankruptcies. A dozen exploration and production (E&P) producers…

Houston-based retail electricity provider (REP) Griddy Energy LLC has filed for Chapter 11 protection in the wake of February’s Winter Storm Uri, which caused power outages along with skyrocketing electricity and natural gas prices. A proposed reorganization would provide relief to Griddy customers unable to pay their electric bills as a result of scarcity pricing…

Oklahoma City-based Chesapeake Energy Corp. on Tuesday put the Chapter 11 process in the rear-view mirror and said it wants to take up the gauntlet to develop its substantial Mother Lode of Lower 48 natural gas. At one time the largest natural gas producer and biggest leaseholder in the onshore, Chesapeake succumbed to bankruptcy last…

Oklahoma City-based Chesapeake Energy Corp. on Tuesday put the Chapter 11 process in the rear-view mirror and said it wants to take up the gauntlet to develop its substantial Mother Lode of Lower 48 natural gas. At one time the largest natural gas producer and biggest leaseholder in the onshore, Chesapeake succumbed to bankruptcy last…

While still cautious, banks with substantial exposure to the energy sector struck more upbeat tones during the fourth quarter earnings season this month. Executives said a recovery in oil prices combined with an anticipated end to the pandemic could pave a path for stronger oil and gas revenue in 2021 and a substantial reduction in…

Houston-based drilling expert Superior Energy Services is to emerge debt-free from bankruptcy after its plan of reorganization received court approval. The U.S. Bankruptcy Court for the Southern District of Texas confirmed the reorganization plan, which allows Superior to convert into equity an estimated $1.3 billion in debt. “This confirmation order marks a key milestone in…

The number of North American oil and natural gas producers filing for bankruptcy protection continued to slow in December, but 2020 remains a standout in the six years that Haynes and Boone LLP has been tracking bankruptcy data. The law firm’s latest Oil Patch Bankruptcy Monitor showed that since the oil and gas industry began…