Public Capital

Public Capital , Exploration & Production , Shale Plays

US Shale Producers Cut Executive Pay As Oil Prices Crash

U.S. shale producer Parsley Energy said March 18 it would slash executive pay 50%, the deepest such cut announced so far since the oil price collapse.

March 19, 2020

Restructurings , Public Capital , Exploration & Production , Shale Plays

Shale Producer Gulfport Energy Reportedly Hires Restructuring Adviser

Gulfport Energy has lost four-fifths of its market value since the start of the year, and now has a market cap of $90 million.

March 18, 2020

Public Capital , People , Transactions , Midstream

Marathon Petroleum Retains Midstream Unit, Names MPLX Head As CEO

Marathon Petroleum said the separation of midstream unit MPLX would be cash-flow negative and require between about $11 billion and $15 billion that would otherwise go toward shareholder returns.

March 18, 2020

Public Capital , Exploration & Production , Shale Plays , Technology

Halliburton To Furlough 3,500 Workers As Shale Producers Cut Spending

Halliburton's stock has fallen around 70% in the past four weeks, to $6.14. The oilfield services provider already took a series of aggressive cost-cutting measures last year.

March 17, 2020

Public Capital

New Financings: High-yield Hopes Quashed For Oil And Gas

The debt market door remains open for higher-rated issuers, but it slammed shut for lower-rated names, as WTI prices fell after ending 2019 north of $60/bbl.

March 17, 2020

Restructurings , Public Capital , Exploration & Production , Shale Plays

Chesapeake Energy Hires Restructuring Advisers To Help With $9 Billion Debt

The collapse in oil and weak gas prices has further crippled Chesapeake Energy, the shale energy pioneer already facing a $9 billion debt pile.

March 17, 2020

Public Capital , Exploration & Production , Shale Plays

Exxon Mobil, Hess, Concho, Callon, Kosmos Join US Producers Tightening Capex

On average, Reuters estimates North America oil and gas producers have cut their 2020 budgets by about 30% since the fall in oil prices.

March 17, 2020

Public Capital , Acquisitions & Divestitures , Trends , Mergers

Stock Market Rout Doubles Pain For Oil Firms That Took Shares For Deals

EnCap Investments pulled off a rarity in the U.S. shale business earlier this month with the sale of Felix Energy to rival WPX. However, EnCap's big payday proved short-lived.

March 17, 2020

Public Capital , People , Shale Plays , Pressure Pumping

ProPetro Names Phillip Gobe As CEO Following Co-founder’s Resignation

ProPetro disclosed Dale Redman, co-founder and former CEO, had violated its insider trading policies over shares pledged for personal loans, which led the company to submit false statements to the SEC.

March 16, 2020

Public Capital , Unconventional , Shale Plays

Few US Shale Producers Can Withstand Prolonged Oil Price War, Analysts Say

Just 16 U.S. shale companies operate in oil fields where the average new well costs are below $35 per barrel, according to Rystad Energy.

March 16, 2020