After being battered by weak Permian gas prices, Approach Resources filed for Chapter 11 bankruptcy to explore strategic alternatives that include either a restructuring or the sale of its business.
Halcón Resources Corp. has emerged from bankruptcy under Chapter 11 bankruptcy. By successfully completing its financial restructuring, Halcón said it eliminated more than $750 million in debt and more than $40 million of annual interest expense, significantly enriching its financial condition
The U.S. shale industry has undergone a tortuous time of restructuring since the commodity price downturn that began in late 2014. A number of players have gone under, while the sector as a whole has had to severely alter the financial strategies that have long characterized the business, particularly the tendency to outspend cash flow.
Alta Mesa Resources, a Houston-based independent which bet big on Oklahoma’s Stack, joins a growing number of U.S. shale producers that have filed for bankruptcy so far this year.
Bankruptcy filings by U.S. energy producers so far this year have already nearly matched the total for the whole of 2018, law firm Haynes & Boone reported on Aug. 14.
The independent E&P focused on the Eagle Ford joins a growing list of companies filing bankruptcy.
Now named Grizzly Energy, the company emerges from bankruptcy with a narrowed focus on the Rockies, Permian and Midcontinent regions plus the elimination of more than $500 million debt.
Oilfield service giant Weatherford International officially entered bankruptcy July 1 with a planned restructuring to clear up more than $5.8 billion of its long-term debt.