Bankruptcy

Bankruptcies Accelerating in North American Oil Patch, with More Carnage Said Likely

Bankruptcies Accelerating in North American Oil Patch, with More Carnage Said Likely

Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP. The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production…

August 11, 2020
Post-Bankruptcy, PG&E Seeking to Reinvent, Shed Debt

Post-Bankruptcy, PG&E Seeking to Reinvent, Shed Debt

PG&E Corp. and Pacific Gas and Electric Co. executives during the second quarter earnings call, the first in 18 months, illustrated the heavy lifting ahead to reduce debt, withstand another wildfire season and complete a reorganization in the aftermath of Chapter 11 bankruptcy. Interim CEO Bill Smith during the quarterly call touched on wildfire mitigation…

August 4, 2020
Lower 48 Explorers Denbury, Rosehill Each Seeking Chapter 11 Protection

Lower 48 Explorers Denbury, Rosehill Each Seeking Chapter 11 Protection

Denbury Resources Inc. on Wednesday filed a prepackaged restructuring agreement ahead of a planned Chapter 11 filing, joining Rosehill Resources Inc. and Rosehill Operating Co. LLC, which on Monday sought protection. Denbury, a Lower 48 carbon dioxide (CO) enhanced oil recovery (EOR) production specialist focused on the Gulf Coast and Rocky Mountains, is, like Rosehill,…

July 29, 2020
BJ Services to Unload Cementing Business, Some Fracturing Assets as Covid-19 Claims Another Energy Operator

BJ Services to Unload Cementing Business, Some Fracturing Assets as Covid-19 Claims Another Energy Operator

North American completions specialist BJ Services LLC filed for voluntary bankruptcy protection on Monday, indicating it is working with potential buyers for some of its assets as it restructures. The voluntary filing, one of now more than two dozen since the beginning of the year as Covid-19 sent energy demand spiraling, was made Monday in…

July 21, 2020
California Resources Joins Coronavirus-Led Bankruptcy Filings by U.S. Operators

California Resources Joins Coronavirus-Led Bankruptcy Filings by U.S. Operators

California Resources Corp. (CRC), the state’s largest producer, late Wednesday joined a growing list of U.S. operators to seek Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Excessive debt related to its spinoff from Occidental Petroleum Corp. (Oxy), as well as Covid-19’s impact on energy demand, were the principal…

July 17, 2020
McDermott Emerges from Chapter 11, with $4.6B Wiped from Debt

McDermott Emerges from Chapter 11, with $4.6B Wiped from Debt

Houston-based McDermott International Ltd. has emerged from voluntary bankruptcy and cleared nearly all of its $4.6 billion debt off the books. The engineering, procurement and contracting (EPC) giant, which launched restructuring through Chapter 11 early this year, emerged with a $2.4 billion letter of credit capacity and $544 million of funded debt. “We will continue…

July 2, 2020
Eagle Ford Pure-Play Mesquite Emerges from Sanchez Restructuring

Eagle Ford Pure-Play Mesquite Emerges from Sanchez Restructuring

Houston-based Sanchez Energy Corp. late Tuesday said it had completed a financial restructuring and emerged from bankruptcy as Mesquite Energy Inc., a private explorer still intent on keeping its focus in the Eagle Ford Shale. The reorganization under Chapter 11, begun in 2019, eliminated nearly all of the $2.3 billion debt. “We are excited to…

July 1, 2020
Proppant Supplier Covia Seeking Chapter 11 Protection, Citing Pandemic

Proppant Supplier Covia Seeking Chapter 11 Protection, Citing Pandemic

Covia Corp., which provides proppants for oil and gas well operations across North America, on Tuesday said it had filed for bankruptcy, making it the third U.S. energy company in three days to seek Chapter 11 protection.  The petition to reorganize under Chapter 11 was filed in the U.S. Bankruptcy Court for the Southern District…

June 30, 2020
Permian Pure-Play Lilis Cites Covid-19 in Bankruptcy Filing

Permian Pure-Play Lilis Cites Covid-19 in Bankruptcy Filing

Lilis Energy Inc., which plies its exploration talents across the Permian Basin, on Monday sought voluntary protection under Chapter 11 to reduce debt. The filing came one day after onshore giant Chesapeake Energy Corp. filed for voluntary bankruptcy. Fort Worth, TX-based Lilis filed petitions in U.S. Bankruptcy Court for the Southern District of Texas, Houston…

June 29, 2020
Finally Toppled by Debt, Chesapeake in Bankruptcy

Finally Toppled by Debt, Chesapeake in Bankruptcy

Chesapeake Energy Corp., once a symbol of the American natural gas industry’s revival and a disruptive leader that helped spark the nation’s unconventional boom, filed for Chapter 11 protection on Sunday to wipe out $7 billion of debt.  The move follows months of speculation and years of cost-cutting initiatives at the Oklahoma City-based independent, which…

June 29, 2020
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