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