The Chapter 11 bankruptcy also follows the departure of Fieldwood Energy’s founder, Matt McCarroll, in early July.
After a rough second quarter that included a historic collapse in oil prices, Bryan Benoit, a principal at Grant Thornton Financial Advisors who also leads the firm’s energy advisory practice, says he’s starting to see green shoots ahead for the industry.
Texas-based Denbury Resources joins a growing wave of companies in oil and gas industry to buckle due to low oil prices.
David Balderach brings deep industry experience to BDO to advise companies, lenders and other investors in the energy secotr on complex restructuring matters, the firm said in a statement.
Rosehill Resources Inc. and Rosehill Operating Co. LLC have commenced voluntary Chapter 11 cases on July 27.
About $140 billion worth of debt is due to mature between 2020 and 2022 in the U.S. oil and gas market, analyst says.
Wilks Brothers, CARBO Ceramics’ pre- and post-bankruptcy lender, agreed to take over the Houston-based frac sand supplier in exchange for its secured debt.
“M&A has started to pick up. You saw a deal announced with Chevron buying Noble. We would expect to see more of those,” James West, senior managing director of Evercore ISI, says.
Fracking company BJ Services, which filed for Chapter 11 in the bankruptcy court in Southern District of Texas, listed assets and liabilities in the range of $500 million to $1 billion.