Denbury Resources Inc. on Wednesday filed a prepackaged restructuring agreement ahead of a planned Chapter 11 filing, joining Rosehill Resources Inc. and Rosehill Operating Co. LLC, which on Monday sought protection. Denbury, a Lower 48 carbon dioxide (CO) enhanced oil recovery (EOR) production specialist focused on the Gulf Coast and Rocky Mountains, is, like Rosehill,…
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BJ Services to Unload Cementing Business, Some Fracturing Assets as Covid-19 Claims Another Energy Operator
North American completions specialist BJ Services LLC filed for voluntary bankruptcy protection on Monday, indicating it is working with potential buyers for some of its assets as it restructures. The voluntary filing, one of now more than two dozen since the beginning of the year as Covid-19 sent energy demand spiraling, was made Monday in…
California Resources Joins Coronavirus-Led Bankruptcy Filings by U.S. Operators
California Resources Corp. (CRC), the state’s largest producer, late Wednesday joined a growing list of U.S. operators to seek Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. Excessive debt related to its spinoff from Occidental Petroleum Corp. (Oxy), as well as Covid-19’s impact on energy demand, were the principal…
McDermott Emerges from Chapter 11, with $4.6B Wiped from Debt
Houston-based McDermott International Ltd. has emerged from voluntary bankruptcy and cleared nearly all of its $4.6 billion debt off the books. The engineering, procurement and contracting (EPC) giant, which launched restructuring through Chapter 11 early this year, emerged with a $2.4 billion letter of credit capacity and $544 million of funded debt. “We will continue…
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…
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…
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…
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…
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…
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…