At the crack of a bankruptcy judge’s gavel, stalking-horse bidders slowly lurch out of the starting gate, lower their long necks and graze among the oil and gas bankruptcies. The slowly revealed results are fascinating.
In third-quarter 2020, 17 oil producers sought bankruptcy protection, fueling a 21% jump in such filings in the first nine months of 2020 from a year earlier, according to a Haynes and Boone report.
U.S. taxpayers could be left footing a bill of tens or even hundreds of billions of dollars to clean up oil and gas wells, a new report says.
Lonestar Resources' assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court for the Southern District of Texas.
"Due to historically low global energy demand and commodity prices, we determined it is best for Oasis Petroleum to take decisive action to strengthen our liquidity," CEO Thomas Nus says.
Business failures pile up despite Donald Trump trumpeting the oil and gas sector’s recovery.
Denbury will now focus on leveraging its expertise and strategic assets into an emerging carbon capture, use and storage business following completion of its financial restructuring, CEO Chris Kendall says.
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.