Bankruptcy

Basic Energy Seeking Chapter 11 Protection, Looking to Unload Lower 48 Assets

Basic Energy Seeking Chapter 11 Protection, Looking to Unload Lower 48 Assets

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…

August 20, 2021
North American Energy Bankruptcies Plummet in First Six Months as E&P, OFS and Midstream Sectors Recover

North American Energy Bankruptcies Plummet in First Six Months as E&P, OFS and Midstream Sectors Recover

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…

August 13, 2021
Texas Retail Power Provider Griddy Seeking Chapter 11, Says ERCOT Caused ‘Financial Devastation’

Texas Retail Power Provider Griddy Seeking Chapter 11, Says ERCOT Caused ‘Financial Devastation’

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…

March 17, 2021
Chesapeake Exits Bankruptcy, Pledges to End Routine Flaring in Completions ‘Immediately’

Chesapeake Exits Bankruptcy, Pledges to End Routine Flaring in Completions ‘Immediately’

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…

February 10, 2021
Chesapeake Focusing on Natural Gas with Reset Midstream Contracts Post-Bankruptcy

Chesapeake Focusing on Natural Gas with Reset Midstream Contracts Post-Bankruptcy

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…

February 10, 2021
Energy Lenders Optimistic on Continued Oil, Gas Recovery

Energy Lenders Optimistic on Continued Oil, Gas Recovery

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…

January 26, 2021
Superior Energy Ready to Emerge Debt Free Following Restructuring

Superior Energy Ready to Emerge Debt Free Following Restructuring

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…

January 22, 2021
North American E&P Bankruptcies Slow in December, but Industry Looking to Better Days

North American E&P Bankruptcies Slow in December, but Industry Looking to Better Days

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…

January 20, 2021
Offshore Driller Pacific Sees Emergence From Bankruptcy as Imminent

Offshore Driller Pacific Sees Emergence From Bankruptcy as Imminent

Offshore driller Pacific Drilling Co. expects to emerge from bankruptcy by the end of the year after the U.S. Bankruptcy Court for the Southern District of Texas confirmed the company’s proposed reorganization plan. “The Court’s confirmation of our plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance…

December 29, 2020
Producer Bankruptcies in North America Show Slowing Trend in November

Producer Bankruptcies in North America Show Slowing Trend in November

Bankruptcies filed by producers in the North American oil and gas space slowed to two in November, according to the latest monthly Oil Patch Bankruptcy Monitor report published by Haynes and Boone LLP. The trend shows a gradual reduction in bankruptcies this autumn compared to earlier in the year; there were three producer bankruptcies in…

December 23, 2020
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