Plano, Texas-based Denbury Resources has tapped Evercore for advice on handling its debt, the sources said, stressing a debt restructuring is not imminent the oil and gas company.
Marathon Oil will continue work to optimize its development plans in the Bakken and Eagle Ford Shale, but now plan to take “frac holidays” in both plays during the second quarter, CEO Lee Tillman says.
There’s a debate on the degree of synergies realized in M&A between oil and gas companies. Commodity volatility hasn’t helped.
With global oil demand estimated to have been impacted by 30% due to COVID-19, Continental Resources will continue “to take decisive action to maximize cash flow generation,” CEO Bill Berry says.
Carl Giesler led the cost and operational turnaround of Jones Energy, which led to the $201.5 million all-cash buyout of the Midcontinent-focused E&P company in January.
Occidental Petroleum did not provide a reason for the leadership change but the CFO transition marks the second major management change at the oil and gas company in recent weeks.
Both the COVID-19 pandemic and the oil price crash have had a deep impact on what E&Ps and their lenders expect compared to what they thought last fall, according to a Haynes and Boone report.
Liberty Oilfield Services is cutting its workforce by 7%, while NCS Multistage plans to plans to reduce its workforce by 20%, the oilfield service companies said April 2.