Restructurings
Restructurings , Legislation
PDVSA Begins US Trial over Claim Sanctions Prevented Debt Payments
PDVSA, in a bench trial before U.S. District Judge Louis Stanton, will present evidence it says shows attempts to pay were blocked by banks wary of sanctions.
Restructurings , Exploration & Production
Cenovus Energy Enters Into Restructuring Deal for Atlantic Assets
Cenovus, one of Canada's largest oil and gas producers, said it continued to progress towards its $10 billion net debt target, which it expected to achieve later this year.
Restructurings , Public Capital , People , Shale Plays
Gulfport Energy Taps Former QEP Leadership Following Bankruptcy
In addition to successfully completing its restructuring and exiting bankruptcy, Gulfport Energy also announced the retirement of its CEO David M. Wood, effective immediately.
Restructurings , Public Capital , Company Profiles , Technology
Valaris Emerges from Bankruptcy, Appoints New Seven-Member Board
The Valaris Group has successfully completed its financial restructuring and emerged from chapter 11 on April 30.
Restructurings , Public Capital , Drilling
Diamond Offshore Emerges from Bankruptcy, CEO Marc Edwards Retires
In connection with its emergence from Chapter 11, Diamond Offshore also announced that Marc Edwards has retired as chairman, president and CEO, effective immediately.
Restructurings , Shale Plays
Sundance Energy Emerges from Bankruptcy as Privately-held Independent E&P
Eagle Ford Shale producer Sundance Energy emerged from the Chapter 11 protection voluntarily initiated in early March after having eliminated over $250 million of funded debt obligations.
Restructurings , Midstream
Midstream Business: Sector Contends With a Producer Bankruptcy Wave
The midstream sector escaped 2020 with no bankruptcies but is struggling with sweeping counterparty risks if existing contracts are thrown out or renegotiated in E&P bankruptcy settlements.
Restructurings , Midstream
E&P Bankruptcies on Simmer in First Quarter
In a sign of possible attrition, there were no billion-dollar bankruptcies filed in the first quarter by oil and gas producers in North America, which hasn’t happened since third-quarter 2018, according to Texas-based law firm Haynes and Boone.
Restructurings , Trends
Oil and Gas Investor Post Bankruptcy Strategies: The Great Wipeout
In 2020, companies entered bankruptcy after a sudden plunge in oil and gas prices and, unlike the downturn six years ago, many emerged with nearly pristine balance sheets. But for what end?
Restructurings , Public Capital , Shale Plays , Mergers
HighPoint Resources Receives Quick Approval for Prepackaged Bankruptcy Plan
The prepackaged plan includes approval of Denver-based HighPoint Resources’ pending $376 million merger with Bonanza Creek Energy Inc., which the companies had agreed to last November.