Credit

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…

Pennsylvania Gov. Tom Wolf has vetoed a bill that would have provided a tax credit for using state-produced natural gas to make petrochemicals or fertilizer.

Pennsylvania Gov. Tom Wolf has vetoed a bill that would have provided a tax credit for using state-produced natural gas to make petrochemicals or fertilizer.

Fundamentals are more robust today, but most North American exploration and production (E&P) companies’ credit metrics are still much weaker than the boom years of 2013-2014, Moody’s Investors Service said Monday.

President Trump stood on the South Lawn of the White House with dozens of Republican lawmakers Wednesday, touting his biggest legislative accomplishment to date: passage of a $1.5 trillion comprehensive tax reform bill, which the GOP successfully muscled through Congress earlier in the day, despite an 11th hour hiccup.

Moody’s Investors Service on Tuesday maintained its medium-term price band of $40-60/bbl for Brent and West Texas Intermediate (WTI) crude, the main oil-price benchmarks, and it reiterated a $2.00-3.50/MMBtu price for North American natural gas at Henry Hub, the industry’s chief measure of gas prices.

Looking to hold onto its acreage and maintain liquidity as it waits out a depressed commodity market, Clayton Williams Energy Inc. announced this week that it has reached a credit agreement with lender Ares Management LP.

With the oil and gas sector now accounting for 37% of total distressed debt, the U.S. distress ratio reached 20.1% in November, its highest level since September 2009, Standard & Poor’s Ratings Service (S&P) said in a report released Monday.

President Obama’s nearly $4 trillion budget for fiscal 2016 would eliminate tax credits for the oil and gas industry and force master limited partnerships (MLP) formed by fossil fuel entities to be taxed at a higher rate, while making major investments to combat climate change on several fronts.