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…
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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…
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…
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…
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,…
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…
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…
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…
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…
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…