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…
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Articles from Bankruptcy
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…
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…
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…
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…
‘Substantial’ E&P Bankruptcies Likely Before Year’s End, Says Haynes and Boone
Oil and natural gas market conditions heading into September are not trending in an optimistic direction for the U.S. industry, with the continued presence of Covid-19 cases casting a pall over energy demand, according to Haynes and Boone LLP. In an updated Oil Patch Bankruptcy Monitor report published Monday, the Dallas-based law firm said the…
Bakken Heavyweight Whiting Emerges from Bankruptcy with New CEO, Board
Denver-based Whiting Petroleum Corp. began trading on the New York Stock Exchange on Wednesday after exiting Chapter 11 with less debt and an overhauled management team. The exploration and production (E&P) operator filed for voluntary protection under Chapter 11 in March as Covid-19 began to smother oil and gas demand. Whiting’s largest E&P projects are…
Chaparral Seeking Chapter 11 Protection, while Lilis Looking to Unload Permian Assets
Anadarko Basin-focused Chaparral Energy Inc. said Monday a voluntary bankruptcy protection plan is in the offing to reduce debt and continue operating. The Oklahoma City-based independent, which filed Chapter 11 petitions in U.S. Bankruptcy Court for the District of Delaware, has a restructuring support agreement (RSA) with funded debt holders to equitize $300 million of…
Bankruptcies Accelerating in North American Oil Patch, with More Carnage Said Likely
Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP. The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production…
Post-Bankruptcy, PG&E Seeking to Reinvent, Shed Debt
PG&E Corp. and Pacific Gas and Electric Co. executives during the second quarter earnings call, the first in 18 months, illustrated the heavy lifting ahead to reduce debt, withstand another wildfire season and complete a reorganization in the aftermath of Chapter 11 bankruptcy. Interim CEO Bill Smith during the quarterly call touched on wildfire mitigation…