Restructurings

Restructurings , Exploration & Production , Shale Plays

Ultra Petroleum Emerges from Bankruptcy as Privately Held UP Energy

After struggling with nearly $2 billion of debt left on its balance sheets despite a previous restructuring, Ultra Petroleum, one of the largest oil and gas drillers in Wyoming, voluntarily filed for Chapter 11 bankruptcy in May.

September 21, 2020

Restructurings , Unconventional , Shale Plays , Acquisitions & Divestitures

Permian Basin Operator Approach Resources Hitches Saddle to New Buyer

Bankrupt Permian operator Approach Resources appears to be headed toward a sale again—albeit for less than two-thirds of the original sales price.

September 17, 2020

Restructurings

Lessons Learned from Early Wave of E&P Bankruptcies

As upstream oil and gas companies emerge from Chapter 11 bankruptcies, they’ll need to be mindful of exit credit facility terms and requirements that may reflect a shift from their prior experience and will likely affect their future borrowing base redetermination process.

September 15, 2020

Restructurings , Private Equity , Shale Plays

Houston-based Bruin E&P Emerges from Bankruptcy with $230 Million Revolver

Bruin E&P Partners also emerged from Chapter 11 bankruptcy with a newly constituted board of directors comprised of  Kevin Asarnow, Mark Bisso, Richard J. Doleshek and Mike Wichterich as well as Bruin CEO Matt Steele.

September 8, 2020

Restructurings , People , Master Limited Partnerships , Legislation , Infrastructure , Health, Safety & Environment , Emissions , Mergers , Midstream , Construction , Pipelines

Q&A: How Ethan Bellamy Found His Way Back to Oil and Gas

East Daley Capital Advisors’ new midstream strategy director discusses structural changes in the industry, how the upcoming elections could affect energy and his new gig.

September 3, 2020

Restructurings , Public Capital , Shale Plays , Technology , Acquisitions & Divestitures

Shareholder Wilks Brothers to Launch Hostile Takeover Bid for Calfrac

Wilks Brothers, led by oil billionaires Dan and Farris Wilks, has been acquiring stakes in hard-hit U.S. service firms, previously making two bids for Calfrac's U.S. operations that were rejected.

September 2, 2020

Restructurings , Public Capital , Shale Plays

Shale Producer Whiting Petroleum Emerges from Bankruptcy

Whiting Petroleum had become the first publicly traded shale producer to file for bankruptcy in April after the historic crash in crude prices in the previous month.

September 1, 2020

Restructurings , Infrastructure , Midstream

US Regulator Backs Energy Transfer in Chesapeake Pipeline Dispute

Chesapeake ignited a fight when it asked the U.S. Bankruptcy Court in Houston to approve breaking pipeline contracts, including with Energy Transfer and Crestwood Equity Partners.

August 28, 2020

Restructurings , Public Capital , Shale Plays , Pressure Pumping

Texas-based Pressure Pumper FTS International to File for Bankruptcy

Fort Worth, Texas-based pressure pumper FTS International plans to voluntarily file for bankruptcy in the coming weeks to implement a prepackaged Chapter 11 plan of reorganization it says will pave the way for future strategic growth.

August 24, 2020

Restructurings , Public Capital , Investment , Exploration & Production , Acquisitions & Divestitures , Trends

E&P Bankruptcy Sales: Pros, Cons of Stalking-Horse Bidders

The opportunity to acquire oil and gas assets out of bankruptcy has grown in the current downturn, however, a panel of experts say buyers should be prepared to act early and quickly.

August 24, 2020