Shale Sector Restructuring: Whiting Petroleum Exits as Others Just Begin the Bankruptcy Process
The latest updates on the North American shale sector’s efforts to consolidate and restructure.
Seismic Provider SAExploration Files for Bankruptcy Protection
The proposed restructuring plan aims to eliminate about $74 million of the company’s debt.
Gulf of Mexico Independent To Sell Off Assets in $1-Billion Bankruptcy Deal
In the region’s second bankruptcy of the month all of the operator’s assets will be sold to a private equity energy group, pending court approval.
GOM E&P Fieldwood Energy Files Chapter 11, Its Second Since 2018
The Gulf of Mexico E&P exited its first bankruptcy quickly with a strategy that included the acquisition of Noble Energy’s GOM assets, which increased its production volumes 25% when the WTI approached $80/bbl. Fieldwood’s financial woes in today’s economics may be tougher to overcome.
Denbury Files for Bankruptcy With a Plan To Slash Debt
Add Denbury Resources to the list of oil companies filing for bankruptcy protection with a plan that may make for a quick trip through the debt-reduction process.
BJ Services To Sell Assets as It Seeks Bankruptcy Protection
The legacy service provider operates in every major shale basin in the US and Canada. In court filings, it says it will seek additional funding to sell its equipment and wind down operations.
Are Half the Companies in Shale Really Superfluous?
Judgment day may finally have arrived for weak players in the shale business. Deloitte ranks nearly half of the companies as extraneous. What happens next?
Add Denbury to the List of Possible Bankruptcies
Denbury Resources needs enhanced debt reduction. The company that does enhanced oil recovery using carbon dioxide it produces and transports has skipped a payment to creditors while it seeks a deal that would reduce its debts.
Chesapeake Energy Files for Bankruptcy Protection
The distressed shale pioneer will wipe away nearly $7 billion in debt and is likely to make major asset sales as it attempts to restructure itself into a profitable business.
DJ Basin Producer Extraction Files for Bankruptcy Protection
The development marks the second-largest shale producer to file for Chapter 11 since the onset of the COVID-19 pandemic that sent crude prices reeling.
Diamond Offshore Files for Bankruptcy
The chapter 11 filing comes as record-low crude prices and excess supply have impacted operations across the industry. About 2,500 jobs could be at stake.
Whiting Bankruptcy Opens a New Frontier for Executive Payouts
Golden parachutes typically pay executives big money if they are fired without cause. Whiting Petroleum executives found a way to collect theirs for staying on board after the company they led filed for bankruptcy.
Whiting Files for Bankruptcy
The Denver-based shale producer is the first to cite the ongoing price war and COVID-19 pandemic as the triggers for its insolvency.
Oilfield Construction Giant McDermott Files for Bankruptcy Protection
The firm has outlined a restructuring plan that will see it sell off subsidiaries and erase more than $4.6 billion in debt.
Weatherford Emerges from Chapter 11, Eliminates $6.2 Billion in Debt
The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.
Weatherford Prepares for Difficult Services Market into Early 2020s
The company, which filed for Chapter 11 protection in June, revised downward its revenue projections amid lower expectations for the US oilfield services market and oil prices.
Weatherford Plans Chapter 11 Restructuring
Weatherford said it will file for bankruptcy after reaching a deal with its biggest lenders to halve its debt load and provide financing during and after the process.
Oil Prices Take a 2014-Size Hit
Oil prices have fallen since early October in lockstep with the plunge in 2014. But this time oil companies appear better able to deal with a tough situation.
Firms Lay Transformation Blueprints for Post-Downturn E&P World
Two old school operators and a financial change agent embody a new era for the US onshore industry. Their CEOs convened at the NAPE Global Business Conference in Houston to explain why.
Lingering Global Oil Bust Will Lead to Lasting Changes
Predictions of a 2016 recovery in the exploration and production (E&P) sector became increasingly rare after 2015 ended with a thud as oil prices sank below USD 40/bbl.
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14 September 2020
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