Bankruptcy

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
Oxy Eyeing $6-9B in Oil, Gas Impairments on Covid-19, Depressed Oil Prices

Oxy Eyeing $6-9B in Oil, Gas Impairments on Covid-19, Depressed Oil Prices

Occidental Petroleum Corp., which made a $57 billion bet last year to take over Anadarko Petroleum Corp. in part to secure its Permian Basin position, said Thursday it expects to write down the value of its oil and gas assets during the second quarter by $6-9 billion.The Houston-based independent, better known as Oxy, in March…

June 25, 2020
PG&E Reorganization Approved to Exit Bankruptcy

PG&E Reorganization Approved to Exit Bankruptcy

With approval of its $58 billion reorganization plan, Pacific Gas and Electric Co. (PG&E) and its parent company said they will exit Chapter 11 bankruptcy as a “re-imagined” enterprise. Driven to bankruptcy by devastating wildfires in 2017 and 2018, PG&E now is eligible to tap into a $21 billion state wildfire fund authorized under last…

June 22, 2020
STACK-Focused Chisholm Seeking Chapter 11 Protection as Covid-19 Claims Another E&P

STACK-Focused Chisholm Seeking Chapter 11 Protection as Covid-19 Claims Another E&P

Tulsa-based Chisholm Oil & Gas Operating LLC, stung by low oil and gas prices and operational issues, is seeking to restructure through a Chapter 11 filing, an avenue more Lower 48 operators are pursuing in the wake of Covid-19.

June 19, 2020
Even at Higher Oil Prices, More North American E&Ps Predicted to Seek Bankruptcy Protection

Even at Higher Oil Prices, More North American E&Ps Predicted to Seek Bankruptcy Protection

Nineteen North American exploration and production (E&P) operators have filed for bankruptcy protection since the start of the year, and it is “reasonable to expect” more companies will seek protection from creditors in the months to come, according to Haynes and Boone LLP.

June 3, 2020
PG&E Bankruptcy Plan OK’d by California Regulators, Now Awaiting Court Approval

PG&E Bankruptcy Plan OK’d by California Regulators, Now Awaiting Court Approval

California regulators on Thursday approved with conditions Pacific Gas and Electric Co.’s (PG&E) proposed $58 billion bankruptcy reorganization plan, giving the combination utility a clear path to exit Chapter 11 once a federal bankruptcy court approves the proposal.

May 29, 2020
PG&E Bankruptcy Exit Gains Approval from Creditors

PG&E Bankruptcy Exit Gains Approval from Creditors

Pacific Gas and Electric Co. (PG&E) and its parent company last Friday gained approval to reorganize and exit Chapter 11 bankruptcy, including approval from the wildfire victims, with more than 85% voting in favor of the plan.

May 26, 2020