Restructurings , Drilling , Subsea

Norway’s Seadrill Writes Down $2.9 Billion on Its Oil Rigs

Offshore drilling rig contractor Seadrill said on March 4 it had taken an additional $2.9 billion non-cash impairment on its assets due to a bleak outlook for the sector, which has reduced demand for its drilling rigs.

March 4, 2021

Restructurings , People

Grant Thornton Expands Oil and Gas Restructuring Services in Firm’s Houston Office

Based in Houston, Loretta Cross and John Baumgartner join Grant Thornton as managing directors who will be part of the firm’s strategy and transactions practice.

February 19, 2021

Restructurings , Public Capital , Exploration & Production , Emissions , Shale Plays

Chesapeake Energy Emerges from Bankruptcy Following ‘Business Reset’

Alongside its emergence from bankruptcy, Chesapeake Energy also unveiled a commitment to achieve net-zero greenhouse gas  direct emissions by 2035 among other environmental targets.

February 9, 2021

Restructurings , Public Capital , Exploration & Production , Shale Plays

Extraction Oil & Gas Emerges from Bankruptcy with Tom Tyree as CEO

Extraction Oil & Gas also instituted a new governance model that strives for “environmental leadership through low-impact operations, emission reductions and reporting,” says the company’s new chairman, Benjamin Dell.

January 22, 2021

Restructurings , Public Capital , Exploration & Production , Shale Plays , Gathering & Processing

NGL Energy Partners Provides Update on Extraction Bankruptcy

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.

January 19, 2021

Restructurings , Public Capital , Exploration & Production , Shale Plays

Chesapeake Energy Bankruptcy Plan Giving Lenders Control Approved by US Judge

The bankruptcy plan will allow Chesapeake Energy to emerge "a stronger and more competitive enterprise," spokesman Gordon Pennoyer said.

January 14, 2021

Restructurings , Public Capital , Exploration & Production , Shale Plays

Chesapeake Energy Worth $5.13 Billion on Bankruptcy Exit, Judge Says

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.

January 11, 2021

Restructurings , Public Capital

Default Warning as US Oil Industry’s Financial Woes Persist

Fitch says the U.S. oil and gas industry could account for one-third of junk bond defaults in 2021.

January 4, 2021

Restructurings , People , Exploration & Production

Texas Producer MD America Energy Promotes Mike Dye to CEO Following Bankruptcy

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.

December 30, 2020

Restructurings , Exploration & Production , Shale Plays , Acquisitions & Divestitures

Ameredev Closes Deal for Lilis Energy’s Permian Basin Assets

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.

December 8, 2020