Darren
Barbee
Oil and Gas Investor
Noble Energy Cuts Marcellus, Eagle Ford, Permian Workforce
While the company has about $5 billion in liquidity, Noble wants to be cash flow neutral in 2016 and continue to ramp up in its new Texas shale acquisitions.
Reeling Samson Resources, Once Worth $7 Billion, Files For Bankruptcy
Samson has arranged a deal with some of its lenders to eliminate debt and provide new equity investment, though owner KKR will lose its stake in the company.
Samson Resources Corp. Finalizes Restructuring Plan
Samson engaged Blackstone Advisory Partners as its investment banker and Alvarez & Marsal North America as its restructuring adviser. Samson’s restructuring counsel is Kirkland & Ellis, Reuters said.
TAM International Splits Regional Businesses Through Restructuring
Steven Scott has worked at TAM for 28 years and now heads the Eastern Hemisphere Operations Group. Ray Frisby is now vice president of Western Hemisphere Operations.
ERG Companies Cancel 363 Sale Process
The companies’ assets have over time included areas on the U.S. Gulf Coast and in California, the Illinois Basin, Texas and Louisiana, according to ERG Resources LLC’s website.
Samson Resources' Lenders Target Restructuring For $4.15 Billion Debt
Samson Resources Corp.’s lenders target restructuring deal for $4.15 billion debt. A $110 million interest payment on bonds is due Aug. 15, people with knowledge of private matter told Bloomberg.
Saratoga Files For Chapter 11 Bankruptcy Protection
Chairman and CEO Thomas F. Cooke said the company hopes the Chapter 11 filing will “avert adverse action by Harvest Operating” which holds a $3.7 million arbitration award against Saratoga.
Hercules Gets Creditor Majority To Support Bankruptcy Plan
The restructuring support agreement requires Houston-based Hercules to file for bankruptcy by July 8.
Cerberus Leads Lenders For Samson Resources Restructuring
Cerberus Capital Management LP leads lenders seeking control of KKR & Co.-owned Samson Resources Co. in a restructuring, Bloomberg was told by two people with knowledge of private matter.
Canadian Court Allows Connacher To Lower Interest Payments
Connacher doesn’t have to immediately pay US$128 million loan. Small oil sands developers including Connacher fight for survival with crude trading at just over half its value from June.