Public Capital
Public Capital , Emissions , Acquisitions & Divestitures
BP Sells Petchems Arm for $5 Billion
The company’s withdrawal from the sector reflects its shift to low-carbon energy.
Restructurings , Public Capital , Shale Plays
US Shale Pioneer Chesapeake Energy Files for Chapter 11 Bankruptcy
“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” CEO Doug Lawler said in a statement.
Restructurings , Public Capital , Shale Plays
Opinion: Governance in Oil and Gas Allows Huge Rewards for Failure
Top executives at U.S. oil and gas producers are taking big bonuses even as companies stagger into bankruptcy.
Public Capital , Exploration & Production
Occidental Petroleum Warns of Up to $9 Billion Asset Write-down
Occidental Petroleum separately said it would buy back up to $1.5 billion worth of senior notes as it tries to reduce its debt, which ballooned after an ill-timed acquisition of Anadarko Petroleum last year.
Public Capital
California Resources Reportedly a Month Behind on Debt Payment
California Resources, which had about $4.9 billion in long-term debt at the end of 2019, recently entered forbearance agreements with banks after missing another interest payment due on May 29.
Public Capital , Deepwater , Drilling
With Contracts Canceled and Debts Mounting, Offshore Oil Drillers Face Another Shakeout
The companies that operate offshore drilling rigs for major oil producers face a second wave of bankruptcies in four years amid a historic drop in energy prices that likely will leave surviving drillers more closely tied to big oil firms.
Public Capital , Shale Plays
Northern Oil and Gas Plans Reverse-stock Split to Boost Share Price
The reverse stock split is expected to increase the per share trading price of Northern Oil and Gas’ common stock, which may improve marketability and facilitate its trading, the Minneapolis-based company said.
Public Capital , Unconventional , Policy & Regulations , Shale Plays
Chesapeake Energy Allowed to Suspend Drilling on Over 100 Leases
Chesapeake Energy applied for the lease suspensions in late April and had received 108 approvals by mid-May, according to an analysis of the data.
Public Capital , Shelf , Acquisitions & Divestitures
Talos Energy Adds to Gulf of Mexico Position with ‘Tactical’ Bolt-on
Among the acquired assets are multiple prolific, producing fields in the Gulf of Mexico Shelf that were originally discovered and/or operated by predecessor companies led by current Talos Energy management.
Restructurings , Public Capital , Shale Plays , Trends
US Shale Industry Faces $300 Billion in Write-downs
Impairments expected to be made by U.S. shale companies in the second quarter could trigger insolvencies as the sector accounts for oil price fall, Deloitte says in a new study.