Extraction Oil & Gas is a customer of Grand Mesa Pipeline, a subsidiary of NGL Energy Partners that provides takeaway capacity for crude oil producers in the D-J Basin where Extraction’s operations are focused.
The bankruptcy plan will allow Chesapeake Energy to emerge "a stronger and more competitive enterprise," spokesman Gordon Pennoyer said.
Chesapeake Energy's value has soared since its June bankruptcy filing, the U.S. judge overseeing the natural gas producer's trial indicated, and is worth $5.13 billion, far above the shale gas pioneer's estimate.
Fitch says the U.S. oil and gas industry could account for one-third of junk bond defaults in 2021.
Mike Dye, who most recently served as CFO of the Fort Worth, Texas-based company, brings more than 20 years of oil and gas industry experience and 10 years of banking experience to the role.
Oil and gas producer Lilis Energy to exit into the ether following the sale of its roughly 20,000-acre position in the Permian Basin through a court-supervised sales process.
Houston-based Superior Energy Services reached an agreement with about 85% of its $1.3 billion senior unsecured notes for a reorganization plan that it said would eliminate all its funded debt and related interest costs.
Noble Holding Corp. revealed on Nov. 23 that the United States Bankruptcy Court for the Southern District of Texas has issued an order approving the company’s Joint Plan of Reorganization.
Pipeline operator Williams Companies Inc. said on Nov. 23 it will take ownership of some of Chesapeake Energy Corp’s assets in exchange for accepting lower gas gathering fees from the bankrupt shale producer.