Permian Basin Operator Legacy Reserves To Enter Chapter 11 Bankruptcy

Despite converting to a C-corp, Legacy Reserves has faced debt hurdles, which led the Midland, Texas-based oil and gas company to explore strategic alternatives.

Emily

Patsy

HartEnergy.com

Fri, 06/14/2019 - 10:55 AM

Permian Basin Operator Legacy Reserves To Enter Chapter 11 Bankruptcy

Legacy Reserves CEO Dan Westcott said he expects the company to experience minimal operational disruptions during the restructuring process. (Source: Hart Energy/Shutterstock.com)

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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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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