Even to just survive, E&Ps increasingly must look beyond traditional sources of capital to fund their operations. Here are some other financial structures on the rise.
The bankruptcy filing by Blackstone Group's Gavilan Resources comes amid an "increasingly unworkable relationship" with Sanchez Energy, its partner in the Eagle Ford Shale.
California's biggest oil producer has been seeking a bankruptcy loan of $500 million to $600 million, though the talks are still fluid and the amount could change, the report said.
Reuters reported in March Oklahoma oil and gas producer Chaparral Energy was working with debt restructuring advisers as it looks to shore up its cash position.
The announcement follows last month's statement by Chesapeake Energy that it was in talks to line up bankruptcy financing and was in talks for a loan to run its operations through the court proceedings.
“If this is an act of God, maybe I need to find another career because I guess God’s had enough of the oilfield,” said oilfield services worker Nils MacArthur.