Colorado Shale Producer Extraction Oil & Gas Enters Bankruptcy

Extraction Oil & Gas is the second largest U.S. shale producer to file for bankruptcy since the oil market collapse driven by the COVID-19 pandemic.

Emily

Patsy

Hart Energy

Mon, 06/15/2020 - 08:25 AM

Colorado Shale Producer Extraction Oil & Gas Enters Bankruptcy

(Source: Hart Energy/Shutterstock.com)

Extraction Oil & Gas Inc. filed for Chapter 11 bankruptcy early June 14, making it the second largest U.S. shale producer to declare bankruptcy in the latest downturn.

“After months of liability management and careful analysis of our strategic options, we determined that a voluntary chapter 11 filing with key creditor support provides the best possible outcome for Extraction,” said Matt Owens, who was appointed Extraction’s CEO a few months ago.

In March, Mark Erickson, who had served as chairman and CEO of Extraction since founding the Denver-based company in 2012, stepped down. Erickson has been on a medical leave of absence since April 2019, according to a company filing with the U.S. Securities and Exchange Commission.

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Chart reflects yearly performance.

Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.

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