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.
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.
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.
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.
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.
The bankruptcy plan will allow Chesapeake Energy to emerge "a stronger and more competitive enterprise," spokesman Gordon Pennoyer said.
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.
Fitch says the U.S. oil and gas industry could account for one-third of junk bond defaults in 2021.
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.
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.