Less than a year after shedding its MLP roots, Permian Basin operator Legacy Reserves Inc. is on its way to bankruptcy.

The company reached a restructuring agreement with its lenders on June 14 following months of negotiations that also included exploring for strategic alternatives.

Legacy Reserves is an independent energy company focused on the horizontal development of unconventional plays in the Permian Basin. The Midland, Texas-based company also has assets in the East Texas, Rocky Mountain and Midcontinent regions.

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Onshore