‘Staggering’ Debt Has North American E&Ps, Especially Natural Gas-Weighted, Risking Default

‘Staggering’ Debt Has North American E&Ps, Especially Natural Gas-Weighted, Risking Default

With a “staggering level” of debt maturing in the 2020-2024 time frame and limited access to credit, North America’s exploration and production (E&P) companies, particularly natural gas-focused operators, face an increased risk of default, according to new research from Moody’s Investors Service.

February 19, 2020

Rex Energy Defaults As Talks With Lenders Continue

Rex Energy Corp. said in a regulatory filing this week it failed to make a semi-annual interest payment that was due on Monday (April 2) for its senior notes, necessitating a forbearance agreement with lenders to prevent the acceleration of other debt obligations.

April 4, 2018
Oil Price Rise A Factor in Global Default Rate Decline, Moody’s Says

Oil Price Rise A Factor in Global Default Rate Decline, Moody’s Says

The trailing 12-month global speculative-grade default rate declined slightly to end the third quarter at 4.5%, with the stabilization of oil prices helping to stop the bleeding, according to a report issued Tuesday by Moody’s Investors Service.

October 11, 2016

U.S. E&P Default Rate Now Rivaling Telecom Bust, Moody’s Says

The oil and natural gas bust beginning in 2015 was worse than many thought, fueling a spike in the U.S. default rate that rivaled the telecom industry collapse in the early 2000s, both in recorded bankruptcies and low creditor recoveries, Moody’s Investor Service said.

September 14, 2016

Fitch Says Recent E&P Bankruptcies Push Default Rate to Record 27%

Four recent bankruptcy filings by exploration and production (E&P) companies have pushed the trailing 12-month (TTM) U.S. high-yield (HY) bond default for E&Ps to a record 27%, while the TTM default rate for the energy sector is approaching 14%, according to Fitch Ratings Service.

May 23, 2016

Warren Resources Edges Closer to Bankruptcy As Debt Negotiations Drag On

Denver-based Warren Resources Inc. is fast approaching a deadline to restructure its debt obligations with lenders and investors outside of court before it’s forced to seek bankruptcy protection, the company warned again on Wednesday.

April 6, 2016

Oil & Gas Liquidity Stress Index At Record High, Says Moody’s

Liquidity stress in the oil and gas industry reached its highest-ever level in February, continuing a trend that began in late 2014, Moody’s Investors Service said in a note published Tuesday.

March 2, 2016

Financial Stress in Energy Sector Edging Close to Record High

Moody’s Investors Service’s liquidity stress index (LSI) for oil and gas rose to 19.6% in December from 19.3% in November as the rout in oil prices continued to take a toll on the industry.

January 5, 2016

S&P: Oil and Gas Raises Speculative-Grade Distress Ratio to 2009 Levels

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.

November 30, 2015

Energy Woes Still Driving Up Speculative-Grade Default Rate, Moody’s Finds

Struggling energy companies continue to put upward pressure on U.S. and global speculative grade default rates, according to a recent report from Moody’s Investors Service.

November 17, 2015
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