Oilfield service giant Weatherford International officially entered bankruptcy July 1 with a planned restructuring to clear up more than $5.8 billion of its long-term debt.
Despite converting to a C-corp, Legacy Reserves has faced debt hurdles, which led the Midland, Texas-based oil and gas company to explore strategic alternatives.
Investor pressure for financial discipline could be leaving some E&P companies with nowhere to go but back into bankruptcy.
Company has $255 Million in committed financing and expects to continue operations.
Vanguard Natural Resources filed for Chapter 11 protection on April 1, marking the second time the Houston-based E&P has entered bankruptcy since the 2014 oil crash.
The bankruptcy poses a threat to California's climate change ambitions by putting in limbo dozens of large solar, wind, and other clean energy projects PG&E has contracted with other companies.
Delek Drilling is considering listing its holdings in the Leviathan natural gas field off Israel's Mediterranean coast on the London Stock Exchange as part of a corporate restructuring.
PetroQuest Energy completed its Chapter 11 reorganization and emerged from bankruptcy with nearly $300 million of its debt cleared.