Bankruptcy

Sanchez Energy Corp. on Monday cleared an early hurdle in its Chapter 11 bankruptcy after a federal court approved first day motions that allow the company to continue operating normally during the proceedings.

Houston-based Elevate Midstream Partners LLC agreed to build roughly 19 miles of 16-inch diameter gas gathering pipelines in the Haynesville Shale of East Texas to support a new shipper deal with Sabine Oil and Gas Corp.

The bankrupt utility of California’s Pacific Gas & Electric Corp. (PG&E) must face a state court and potentially a jury trial for victims of the 2017 Tubbs fire, the deadly inferno that scorched parts of Sonoma and Napa counties, a judge ruled last Friday.

Bankruptcies in the upstream sector are on the rise this year as commodity prices have fallen with little sign of a rebound anytime soon, according to Haynes and Boone LLP, which regularly tracks filings across the oil and gas industry.

Two Houston-based exploration and production companies have filed for Chapter 11 bankruptcy protection after launching strategic reviews that found restructuring would be the best option as the industry confronts another volatile commodity cycle.

Bankruptcy bound Pacific Gas and Electric Co. (PG&E) said it will support a $21 billion California wildfire fund created by legislation signed into law by Gov. Gavin Newsom earlier this month.

Emerge Energy Services LP, which provides silica sand proppant for U.S. onshore operators, has filed for Chapter 11 protection, the second provider to seek bankruptcy protection in less than a week.

Lower 48 producer Vanguard Natural Resources Inc. has emerged from Chapter 11 bankruptcy as a new limited liability company under the name of Grizzly Energy LLC, the independent said Tuesday.

Permian Basin explorer Legacy Reserves is filing for voluntary bankruptcy in U.S. Bankruptcy Court for the Southern District of Texas and plans to use a restructuring support agreement reached with its lenders to reduce debt.