The Latest
Private Equity
Third Coast Midstream Unloads Portfolio of Southeast US Assets to Black Bear Transmission
The assets include six intrastate natural gas pipelines spanning approximately 1,400 miles in Alabama, Louisiana and Mississippi. The system has total capacity of more than 800 MMcf/d.
Public Capital
Shell to Write Down Up to $22 Billion After Coronavirus Hit
The Anglo-Dutch company has already been preparing a major overhaul after CEO Ben van Beurden laid out plans in April to reduce Shell's greenhouse gas emissions to net zero by 2050.
Restructurings
Bankrupt Chesapeake Asks to Cancel Pipeline Contracts, Sets Drilling Cuts
Chesapeake Energy separately said in a filing it plans to operate six to eight drilling rigs for the next two years, about half the 14 rigs active on average in the first quarter, as it battles a historic downturn in oil prices.
Restructurings
Permian Basin Operator Lilis Energy Succumbs to Bankruptcy
The restructuring is expected to reduce Lilis Energy debt obligations by more than $34.9 million, rightsizing its bank indebtedness for future operations focused in the Permian Basin.
Business
Oil Groups Boosted by Cuts to US Royalty Rates during Pandemic
The Trump administration has slashed amounts oil and gas companies must pay for access on government-owned land during the COVID-19 pandemic.
Public Capital
BP Sells Petchems Arm for $5 Billion
The company’s withdrawal from the sector reflects its shift to low-carbon energy.
Restructurings
Hunting Cuts 25% of Workforce To Counter Lower Oil Prices
Oilfield services group Hunting Plc has cut its workforce by a fourth as low oil prices and weak demand slammed most of its business units in the second quarter, the company said on June 29.
Private Equity
Camino Natural Resources Profile: Midcontinent Mover
Camino Natural Resources embraced scale, an out-of-favor shale play and a robust hedging strategy as a beacon through the darkness.
Restructurings
US Shale Pioneer Chesapeake Energy Files for Chapter 11 Bankruptcy
“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” CEO Doug Lawler said in a statement.
Restructurings
Sable Permian Resources Files for Bankruptcy
Sable Permian Resources was created last year when Aubrey McClendon's American Energy - Permian Basin LLC merged with its parent company in an attempt to avoid bankruptcy.