Bankruptcy

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
Williams Given Approval to Resolve Chesapeake Midstream Contracts

Williams Given Approval to Resolve Chesapeake Midstream Contracts

Natural gas pipeline giant Williams has received a past-due payment of $112 million from Chesapeake Energy Corp. after a court approved a resolution between the two companies last month as part of the producer’s bankruptcy proceedings. The Tulsa-based pipeliner reached a global resolution in November to continue treating and moving Chesapeake’s natural gas in the…

December 18, 2020
U.S. E&P Bankruptcies Offsetting Lower 48 Growth, with Big Losses Forecast in Oil Output

U.S. E&P Bankruptcies Offsetting Lower 48 Growth, with Big Losses Forecast in Oil Output

The voluntary bankruptcies by U.S. exploration operators have continued to mount, with Lower 48 oil production by the insolvent companies set to decrease from current volumes by around 25%, or 200,000 b/d, at the end of 2021, according to a Rystad Energy analysis. “Operated oil production from the recent Chapter 11 filings is heavily weighted…

December 18, 2020
Superior Energy’s Bankruptcy Package to Eliminate Debt, Improve Operational Flexibility

Superior Energy’s Bankruptcy Package to Eliminate Debt, Improve Operational Flexibility

Houston-based oilfield services (OFS) giant Superior Energy Services Co. has begun voluntary Chapter 11 proceedings before the U.S. Bankruptcy Court for the Southern District of Texas to implement a proposed pre-packaged restructure plan. The company announced its intention to file for bankruptcy in September. “Since the initial announcement of our planned recapitalization initiative in September,…

December 7, 2020
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