Stone Energy Corp. this week completed its reorganization and exited Chapter 11 bankruptcy proceedings, eliminating $1.2 billion of debt and exiting the Appalachian Basin with a $527 million asset sale to EQT Corp.
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Consolidation Continues as EQT Grabs More Core Appalachia Acreage For $527M
EQT Corp. on Thursday followed through again with its intent to continue consolidating core acreage in Appalachia, this time announcing that it outbid two other producers during a bankruptcy auction for about 85,000 net acres from Stone Energy Corp.
Stone Energy Files For Bankruptcy
After months of negotiations with its creditors, Stone Energy Corp. has filed for Chapter 11 bankruptcy protection to wipe out $1.2 billion of debt through a pre-packaged restructuring plan that would turn the company over to its noteholders if approved.
Stone Energy’s 2Q Production Boosted by Appalachian Volumes
Stone Energy Corp. expects to report second quarter production near the high end of its guidance for the period, estimating that it produced 174 MMcfe/d for what would be a better-than-expected finish on incremental production from the Appalachian Basin that came back online in June.
Stone Energy Ends Appalachian Curtailments With New Midstream Contract
Nearly a year after it shut in its largest field in the Appalachian Basin, Stone Energy Corp. has signed an interim gathering and processing agreement with Williams to begin steadily ramping up its gas flows and end the curtailments by August, Stone said Wednesday.
Stone Energy’s Borrowing Base Cut; Default A Possibility
Stone Energy Corp.’s credit facility has been reduced from $500 million to $300 million, resulting in a borrowing base deficiency of $175.3 million, which could lead to a breach of its lending agreement and default, the company said.
Stone Energy’s Borrowing Base Cut; Default A Possibility
Stone Energy Corp.’s credit facility has been reduced from $500 million to $300 million, resulting in a borrowing base deficiency of $175.3 million, which could lead to a breach of its lending agreement and default, the company said.
Stone Energy Turns Away From Appalachia, Exploring Alternatives as Debt Mounts
Stone Energy Corp. said this month that it has borrowed another $385 million to cover general costs, maxing out its $500 million borrowing base and pushing its debt to $1.1 billion, which the company warned could lead to a default on its credit facility.
Brief — Stone Energy
Stone Energy Corp. said in its year-end earnings report that it would continue to shut in natural gas production from the Mary Field in West Virginia throughout 2016. The 39,200-acre field is the company’s largest in the Appalachian Basin. Low commodity prices and negative differentials forced it to shut in the assets last September and curtail 100-110 MMcfe/d of Marcellus Shale production (see Shale Daily,Sept. 25, 2015). This year’s $200 million budget would mostly go toward the company’s deepwater Gulf of Mexico assets and maintaining core leasehold interests and maintenance in Appalachia.
Stone Energy Cutting GOM-Focused 2016 Budget in Half
Stone Energy Corp. is cutting its 2016 capital expenditure (capex) budget by more than 50% from 2015 levels, saying its $200 million spending plan for next year would be reviewed and depend upon commodity prices, liquidity and working interest sales, among other things.