Shale Drillers Squeezed as Banks Tighten Credit after Oil Crash
So far in the spring season of redeterminations, the total borrowing base for three dozen publicly listed North American oil companies has been slashed by $7.5 billion, according to a Reuters analysis.
From Oil and Gas Investor Editor-in-Chief: The Great Awakening
Following a hurricane-like second quarter, the good news is the third quarter has arrived, and the oil and gas industry is at work cleaning up debris and trying to find a sense of normalcy. The questions are in what order, and will the calm winds last?
Sanchez Energy Emerges from Bankruptcy with New Name, Leadership
Following its restructuring, the company is dropping its ties to the Sanchez name, which dates back to the founding of Sanchez Oil & Gas Corp. by father and son—A. R. Sanchez Sr. and A. R. Sanchez Jr.—in 1972.
Bankrupt Chesapeake Asks to Cancel Pipeline Contracts, Sets Drilling Cuts
Chesapeake Energy separately said in a filing it plans to operate six to eight drilling rigs for the next two years, about half the 14 rigs active on average in the first quarter, as it battles a historic downturn in oil prices.
Permian Basin Operator Lilis Energy Succumbs to Bankruptcy
The restructuring is expected to reduce Lilis Energy debt obligations by more than $34.9 million, rightsizing its bank indebtedness for future operations focused in the Permian Basin.
Hunting Cuts 25% of Workforce To Counter Lower Oil Prices
Oilfield services group Hunting Plc has cut its workforce by a fourth as low oil prices and weak demand slammed most of its business units in the second quarter, the company said on June 29.
US Shale Pioneer Chesapeake Energy Files for Chapter 11 Bankruptcy
“We are fundamentally resetting Chesapeake’s capital structure and business to address our legacy financial weaknesses and capitalize on our substantial operational strengths,” CEO Doug Lawler said in a statement.
Sable Permian Resources Files for Bankruptcy
Sable Permian Resources was created last year when Aubrey McClendon's American Energy - Permian Basin LLC merged with its parent company in an attempt to avoid bankruptcy.
Opinion: Governance in Oil and Gas Allows Huge Rewards for Failure
Top executives at U.S. oil and gas producers are taking big bonuses even as companies stagger into bankruptcy.
E&P Restructurings Signal Paradigm Shift
The current environment will drive a number of near-term changes for the oil and gas industry as E&P companies scramble for cash and face bankruptcies, Opportune’s David Baggett says.