After months of financial struggles, Alta Mesa Resources Inc. entered bankruptcy on Sept. 12 while also naming a new CEO.
The Houston-based independent, which bet big on Oklahoma’s Stack play, joins a growing number of U.S. shale producers that have filed for bankruptcy so far this year amid challenging commodity prices and a tough energy capital market.
On Aug. 14, law firm Haynes & Boone reported bankruptcy filings by U.S. energy producers so far this year have already nearly matched the total for the whole of 2018. According to the firm’s report, a total of 26 E&P companies with debts totaling $10.96 billion have filed for court restructuring through mid-August. By comparison, the firm counted 28 E&P bankruptcy filings in 2018, involving $13.2 billion in debt.