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.
In addition to successfully completing its restructuring and exiting bankruptcy, Gulfport Energy also announced the retirement of its CEO David M. Wood, effective immediately.
The Valaris Group has successfully completed its financial restructuring and emerged from chapter 11 on April 30.
In connection with its emergence from Chapter 11, Diamond Offshore also announced that Marc Edwards has retired as chairman, president and CEO, effective immediately.
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.
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.
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.
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?
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.
HighPoint Resources Corp. has filed voluntary petitions under Chapter 11 of the Bankruptcy Code on March 14 in the United States Bankruptcy Court for the District of Delaware.