Rosehill Resources Inc. and Rosehill Operating Co. LLC have commenced voluntary Chapter 11 cases on July 27.
About $140 billion worth of debt is due to mature between 2020 and 2022 in the U.S. oil and gas market, analyst says.
Wilks Brothers, CARBO Ceramics’ pre- and post-bankruptcy lender, agreed to take over the Houston-based frac sand supplier in exchange for its secured debt.
“M&A has started to pick up. You saw a deal announced with Chevron buying Noble. We would expect to see more of those,” James West, senior managing director of Evercore ISI, says.
Fracking company BJ Services, which filed for Chapter 11 in the bankruptcy court in Southern District of Texas, listed assets and liabilities in the range of $500 million to $1 billion.
Led by CEO Matt Steele, Bruin E&P Partners formed in 2015 with backing from Boston-based private equity firm ArcLight Capital Partners.
Norwegian oil service providers Aker Solutions and Kvaerner will merge to strengthen their base in the global energy industry, including renewable energy, both companies said on July 17.
California Resources said it entered a restructuring support agreement with “key creditors” that will eliminate over $5 billion of debt and mezzanine equity interest.
Houston-based Hi-Crush entered into a restructuring support agreement with certain noteholders for a prearranged plan, which, if implemented, will result in the elimination of approximately $450 million of unsecured note debt.
Current market conditions are expected to drive a “significant increase in bankruptcies” for E&P companies during the second half of 2020, one expert says.