We conclude our interview series with Justin T. Stolte, partner at Gibson, Dunn & Crutcher LLP with part four. Part four looks at who is doing the deals.
“On the public side, you have public shareholders that are requiring that companies in a lot of instances either scale or sell or restructure. You are having a lot of consolidation with these smaller E&Ps. We are continuing to see that. That is an active source of transactions. Private equity remains a significant part of the industry. They have in most instances served as the source of capital to help E&Ps and midstream companies buildout infrastructure, build wells. Private equity players continue to be active players in the industry,” said Stolte.
Borr Drilling Ltd. has appointed Patrick Schorn as its new CEO, effective September 8, 2020. Schorn will succeed Svend Anton Maier who will remain with the company as special advisor to the CEO.
The world’s five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter and slashed production rates.
Dismayed E&Ps are feeling the pinch as their banks shrink RBL credit lines. What are the remedies, and what about this fall?