CARBO Ceramics Emerges from Bankruptcy under New Ownership, CEO
Wilks Brothers, CARBO Ceramics’ pre- and post-bankruptcy lender, agreed to take over the Houston-based frac sand supplier in exchange for its secured debt.
PATH FORWARD: Evercore’s James West on Chevron-Noble Energy Deal, Shale Outlook
“M&A has started to pick up. You saw a deal announced with Chevron buying Noble. We would expect to see more of those,” James West, senior managing director of Evercore ISI, says.
BJ Services Files for Bankruptcy with Plans to Sell Assets
Fracking company BJ Services, which filed for Chapter 11 in the bankruptcy court in Southern District of Texas, listed assets and liabilities in the range of $500 million to $1 billion.
Arclight’s Bruin E&P Partners Files for Chapter 11 Bankruptcy
Led by CEO Matt Steele, Bruin E&P Partners formed in 2015 with backing from Boston-based private equity firm ArcLight Capital Partners.
Oil Services Firm Aker Solutions to Merge with Kvaerner, Names New CEO
Norwegian oil service providers Aker Solutions and Kvaerner will merge to strengthen their base in the global energy industry, including renewable energy, both companies said on July 17.
California Resources Enters Bankruptcy to ‘Finally’ Resolve Occidental-inherited Debt
California Resources said it entered a restructuring support agreement with “key creditors” that will eliminate over $5 billion of debt and mezzanine equity interest.
Hi-Crush Becomes Latest Frac Sand Supplier to Enter Bankruptcy
Houston-based Hi-Crush entered into a restructuring support agreement with certain noteholders for a prearranged plan, which, if implemented, will result in the elimination of approximately $450 million of unsecured note debt.
Experts Offer Grim Outlook for Upstream Bankruptcies
Current market conditions are expected to drive a “significant increase in bankruptcies” for E&P companies during the second half of 2020, one expert says.
Opportune Taps David Morris to Lead Dallas-based Restructuring Practice
As managing director of Opportune subsidiary Dacarba, David Morris’ principal focus will be guiding oil and gas companies through corporate restructurings, turnaround management, transactional due diligence and advising on Chapter 11 bankruptcies.
Rosehill Resources to Join Growing Number of E&P Bankruptcies
“After exploring all strategic and financial options available to Rosehill,” CEO David French said the company agreed to a restructuring plan with its major creditors, which includes filing for Chapter 11 bankruptcy, .