Bankruptcy

Oasis Emerges from Bankruptcy with $1.8B Less Debt, New Ticker

Oasis Emerges from Bankruptcy with $1.8B Less Debt, New Ticker

Houston-based Oasis Petroleum Inc., which works the Permian and Williston basins, has completed a financial restructuring and emerged from bankruptcy. The independent, which filed for Chapter 11 protection in late September, said it has reduced its prepetition debt by $1.8 billion. It is trading on Nasdaq under “OAS.” “Oasis is now uniquely positioned with a…

November 24, 2020
Williams, Chesapeake Clinch Natural Gas Gathering Pact for Eagle Ford, Haynesville, Marcellus and Midcontinent

Williams, Chesapeake Clinch Natural Gas Gathering Pact for Eagle Ford, Haynesville, Marcellus and Midcontinent

Tulsa-based Williams has reached a global resolution with one of its biggest customers, bankrupt Chesapeake Energy Corp., to continue to treat and move its natural gas in the Lower 48. Chesapeake filed for Chapter 11 bankruptcy protection in June to wipe out $7 billion of debt. As part of the auction process, Chesapeake last week…

November 23, 2020
Tapstone Energy Wins Chesapeake’s Midcontinent Assets in Bankruptcy Auction

Tapstone Energy Wins Chesapeake’s Midcontinent Assets in Bankruptcy Auction

Chesapeake Energy Corp. has sold its massive Oklahoma asset position to Tapstone Energy LLC for $130.5 million.  Both Oklahoma City producers reached a deal after Tapstone successfully bid for the assets during a bankruptcy auction last week. Tapstone had been selected as the stalking horse bidder last month, when the U.S. Bankruptcy Court for the…

November 19, 2020
North American E&P, OFS Bankruptcies Slow in October, but More Expected

North American E&P, OFS Bankruptcies Slow in October, but More Expected

Bankruptcies in the North American oil and gas industry slowed to a total of three in October, but more filings are likely before year’s end, according to the latest monthly Oil Patch Bankruptcy Monitor report published Tuesday by Haynes and Boone LLP. “While the pace of bankruptcy filings for producers has slowed from the wave…

November 17, 2020
Utica Shale Stalwart Gulfport Energy Files for Bankruptcy

Utica Shale Stalwart Gulfport Energy Files for Bankruptcy

Gulfport Energy Corp. filed for Chapter 11 bankruptcy protection Friday, becoming the latest exploration and production (E&P) company this year to succumb to low commodity prices made worse by the Covid-19 pandemic.  The company said it has the support of 95% of its revolving credit facility lenders and other creditors holding over two-thirds of its…

November 17, 2020
Leading Utica Producer Gulfport in Restructuring Talks with Lenders

Leading Utica Producer Gulfport in Restructuring Talks with Lenders

Gulfport Energy Corp. revealed in a regulatory filing on Friday that it’s having discussions with its lenders about filing for bankruptcy.  The company has entered a 30-day grace period to defer making an interest payment that was due Thursday on its 6% senior unsecured notes due 2024. It took the grace period “while it continues…

October 19, 2020
Oklahoma Pure-Play Chaparral Exits Bankruptcy as Private E&P

Oklahoma Pure-Play Chaparral Exits Bankruptcy as Private E&P

Oklahoma City-based independent Chaparral Energy Inc. has emerged from bankruptcy for a second time, this time as a privately held company. The Anadarko Basin-focused exploration and production (E&P) firm said it has equitized all $300 million of its unsecured senior notes due 2023, reduced its annual interest expense by more than $25 million and “significantly…

October 16, 2020
Stung by Low Prices, Oasis, Superior Energy Each Seeking Bankruptcy Protection to Reduce Debt

Stung by Low Prices, Oasis, Superior Energy Each Seeking Bankruptcy Protection to Reduce Debt

Houston-based operators Oasis Petroleum Inc., a Lower 48 explorer, and oilfield services (OFS) giant Superior Energy Services on Wednesday filed for voluntary bankruptcy protection to restructure and shrink their considerable debt loads. Oasis, whose exploration and production operations are focused on the Permian and Williston basins, sought voluntary Chapter 11 protection in U.S. Bankruptcy Court…

September 30, 2020
FTS Joins Expanding List of Oil, Gas Operators Seeking Chapter 11

FTS Joins Expanding List of Oil, Gas Operators Seeking Chapter 11

Top Lower 48 completions expert FTS International Inc. has launched a prepackaged restructuring plan with the support of most of its lenders in a debt-for-equity swap to delever the balance sheet.  Following a restructuring support agreement filed in August, FTS issued an amended plan that received support of nearly 88% of the debtholders. With the…

September 24, 2020
Ultra Emerges as a Private Wyoming Natural Gas Explorer with New Brand

Ultra Emerges as a Private Wyoming Natural Gas Explorer with New Brand

Long-time Lower 48 natural gas producer Ultra Petroleum Corp. has emerged from Chapter 11 with a new name and as a private operator, still focused on Wyoming prospects. The Englewood, CO-based producer in May filed for Chapter 11 protection for the second time in four years to eliminate debt exacerbated by low prices and stinging…

September 17, 2020
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