Post Tagged with: "Bankruptcy"

Source: Reuters

How a Texas shale supplier’s founders made fortunes as the firm failed

Reuters


On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus.

Five days later, the company declared bankruptcy.…

Shale pioneer Chesapeake considers bankruptcy filing after oil rout

Shale pioneer Chesapeake considers bankruptcy filing after oil rout

Reuters


Debt-stricken Chesapeake Energy Corp said on Monday it was considering a bankruptcy filing, among other alternatives, as the shale driller struggled with an unprecedented rout in oil and gas prices caused by the COVID-19 pandemic.

Reuters reported last month …

Source: Houston Chronicle

Bankruptcy allows Weatherford to realize first profit in more than six years

Houston Chronicle


Chapter 11 bankruptcy has allowed Houston oilfield service company Weatherford International to close 2019 with its first profit in more than six years.

Shedding roughly $6 billion of debt after successfully emerging from Chapter 11 reorganization in mid-December, …

Source: Houston Chronicle

Bankrupt Alta Mesa assets sold for $320M

Houston Chronicle


The oil and gas and pipeline assets of the now-defunct Alta Mesa Resources were sold for $320 million to a partnership between an Oklahoma startup and a Houston private equity firm.

Houston’s Bayou City Energy Management and Oklahoma’s …

January 29, 2020 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance
Halcón Resources Appoints New CFO as Restructuring Process Continues

Halcón Resources Appoints New CFO as Restructuring Process Continues

By Tyler Losier, Energy Reporter, Oil & Gas 360

Halcón Resources selects Ragan T. Altizer as its new EVP, CFO, treasurer
Halcón Resources Corporation (stock ticker: HKRS), currently undergoing Chapter 11 reorganization proceedings, has appointed Ragan T. Altizer as its

Source: Lonestar Resources

Energy Bankruptcies Back on the Rise in 2019

From The Houston Chronicle


After a recovery from the last oil bust, energy bankruptcies are back on the rise in 2019.

The number of oil and gas bankruptcy filings through mid-August has nearly equaled the total tally from 2018, and …

Source: Bayou City Energy

Vanguard Emerges from Chapter 11 as Grizzly Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360

Vanguard Natural Resources completes financial restructuring, emerges as Grizzly Energy
Vanguard Natural Resources, a Houston-based onshore energy company, has successfully completed its Chapter 11 financial restructuring process, emerging as a new

Who Will Bid for Cloud Peak Energy’s Coal Mines in the Powder River Basin?

Who Will Bid for Cloud Peak Energy’s Coal Mines in the Powder River Basin?

Wyoming’s big coal mines continue to run while company is in bankruptcy

From the Casper Star-Tribune

The final day to submit bids for assets of Wyoming’s third-largest coal producer is July 8. Cloud Peak Energy, which owns Antelope and …

July 8, 2019 - 5:51 am Closing Bell Story‎, Energy News
Weatherford Files for Bankruptcy Protection

Weatherford Files for Bankruptcy Protection

From The Houston Chronicle


The oilfield services company Weatherford International filed for Chapter 11 bankruptcy protection Monday, after struggling to assimilate the companies it bought during a quest for growth, taking …

Source: EXCO Resources

EXCO Resources Completes Financial Restructuring

EXCO Resources, Inc. Successfully Completes Financial Restructuring

Source: Indianaaffairs.gov

Cambrian Coal Files for Voluntary Chapter 11

Cambrian Coal Elected to File Voluntary Petitions for Relief Under Chapter 11 on June 16, 2019 and Obtains Financing for Its Restructuring

June 20, 2019 - 6:00 am Closing Bell Story‎, Finance, Press Releases
Courtesy of RSP Permian

Legacy Reserves Inc. Files For Chapter 11

Legacy Reserves Inc. Files For Chapter 11 Protection To Facilitate Negotiated Financial Restructuring

June 19, 2019 - 6:00 am Closing Bell Story‎, Finance, Press Releases
Source: Legacy Reserves

Legacy Reserves Reaches Agreement With Lenders On Terms Of Financial Restructuring

Legacy Reserves Inc. Reaches Agreement With RBL And Second Lien Lenders On Terms Of Financial Restructuring

Source White Star Petroleum

Another Chapter 11: White Star Petroleum to Explore Strategic Alternatives

By Tyler Losier, Energy Reporter, Oil & Gas 360

 
White Star receives $28.5 million in committed financing
White Star Petroleum, LLC, a privately held independent E&P headquartered in Oklahoma City, is exploring strategic alternatives after commencing voluntary Chapter 11

Jones Energy Logo

Jones Energy Emerges from Bankruptcy with $225 Million Borrowing Base Agreement

By Tyler Losier, Energy Reporter, Oil & Gas 360

 

On May 17, Jones Energy, Inc. (stock ticker: JONEQ) emerged from Chapter 11 after satisfying the requirements of the company’s pre-packaged plan.

The announcement came 33 days after the company

Drilling Company Hilltop Files for Chapter 11 Bankruptcy

Drilling Company Hilltop Files for Chapter 11 Bankruptcy

From The Wall Street Journal

Hilltop Energy LLC, a money-losing Texas oil and gas drilling company, filed for bankruptcy Thursday with a “prepackaged” plan that hands ownership to Dallas-based Rivershore Operating LLC and bondholder J.P. Morgan Securities LLC.

Hilltop, whose …

May 17, 2019 - 5:38 pm Closing Bell Story‎, Energy News
Cloud Peak Energy Receives Court Approval of “First Day” Motions to Support Business Operations

Cloud Peak Energy Receives Court Approval of “First Day” Motions to Support Business Operations

Cloud Peak Energy Receives Court Approval of “First Day” Motions to Support Business Operations

May 14, 2019 - 9:21 pm Closing Bell Story‎, Finance, Press Releases
Bankruptcy Looms for Oil and Gas Companies

Bankruptcy Looms for Oil and Gas Companies

Weatherford plans pre-packaged Chapter 11
By Richard Rostad, analyst, Oil & Gas 360

The Q4 2018 price crash is poised to claim several victims, as Weatherford (ticker: WFT) is filing Chapter 11 and two E&P companies are likely to announce

Sign of the Times: Coal Giant Cloud Peak Files for Chapter 11

Sign of the Times: Coal Giant Cloud Peak Files for Chapter 11

From the Casper Star Tribune

Cloud Peak Energy, the coal giant that operates two Wyoming mines, filed for bankruptcy Friday amid mounting debt and declining demand.

The filing follows months of troubling signs for the Powder River Basin operator, which …

May 13, 2019 - 6:11 am Closing Bell Story‎, Energy News
Shuttered Junior Gas Company Simply Walked Away From 4,700 Wells, Says Alberta Energy Regulator

Shuttered Junior Gas Company Simply Walked Away From 4,700 Wells, Says Alberta Energy Regulator

From CBC

The Alberta Energy Regulator says junior gas company Trident Exploration Corp. shut down abruptly Tuesday without responding to an order to properly manage its 4,700 wells — adding to the more than 3,000 orphan wells already awaiting remediation …

Sears Sues Former CEO, his Hedge Fund, and U.S. Treasury Secretary Steven Mnuchin for Stripping Sears of Assets Worth Billions as it Headed to Bankruptcy

Sears Sues Former CEO, his Hedge Fund, and U.S. Treasury Secretary Steven Mnuchin for Stripping Sears of Assets Worth Billions as it Headed to Bankruptcy

Lawsuit alleges property was fraudulently transferred

From the Chicago Tribune

Sears Holdings Corp. has filed a lawsuit against its former chairman and CEO, Edward Lampert, and his hedge fund, claiming they wrongly siphoned $2 billion in assets from the …

April 18, 2019 - 7:33 pm Closing Bell Story‎, Law
Coal Mining’s Decline: Bankruptcy Judge Strips Retiree Healthcare and Union Contract, Introduces Virginia Businessman to Wyoming Coal

Coal Mining’s Decline: Bankruptcy Judge Strips Retiree Healthcare and Union Contract, Introduces Virginia Businessman to Wyoming Coal

From the Casper Star-Tribune

Westmoreland Coal’s path in Wyoming

The bankruptcy judge in the Westmoreland case ruled in favor of the coal firm Friday, which had sought to eliminate retiree health benefits and break the Kemmerer coal mine’s union contract

February 18, 2019 - 7:11 am Closing Bell Story‎, Energy News, Law
PetroQuest Emerges from Bankruptcy, Announces 2018 Estimated Proved Oil and Gas Reserves, Production

PetroQuest Emerges from Bankruptcy, Announces 2018 Estimated Proved Oil and Gas Reserves, Production

PetroQuest Energy Announces Successful Completion of Financial Restructuring; Provides 2018 Estimated Proved Oil and Gas Reserves and Production

Bankruptcy of Electric Utility Threatens Renewables’ Contracts, Financial Health

Bankruptcy of Electric Utility Threatens Renewables’ Contracts, Financial Health

From E&E News

A contract to sell electricity to Pacific Gas and Electric Co., California’s largest utility, was historically the gold standard in the renewables business.

Not anymore.

The San Francisco-based power company’s bankruptcy has thrown the Golden State’s renewable …

The Biggest Unanswered Questions for Bankruptcy-bound PG&E

The Biggest Unanswered Questions for Bankruptcy-bound PG&E

From The New York Times

If you’ve been following the saga of the state’s largest utility over the last few months — or even the last couple of years — then Monday’s news that Pacific Gas and Electric plans to

January 15, 2019 - 4:07 pm Closing Bell Story‎, Energy News
U.S.’s Oldest Independent Coal Producer Files Bankruptcy

U.S.’s Oldest Independent Coal Producer Files Bankruptcy

From Power Magazine

Colorado-based Westmoreland Coal Co. on October 9 said it had filed for Chapter 11 bankruptcy, with the company reporting more than $1.4 billion in debt. The company in its annual financial report in April of this year …

October 11, 2018 - 11:21 am Closing Bell Story‎, Commodity Pricing, Power Generation
E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

Debt involved in oil and gas company bankruptcies since 2015 totals $90 billion

International corporate law firm Haynes and Boone has tracked 144 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015.

E&P Bankruptcy Filings Down 67% in 2017: Haynes and Boone

These …

East Coast Refiner Files Bankruptcy, Says Emergence Depends on Shedding Cost of Federal Government Mandated Renewable Fuel Standard

East Coast Refiner Files Bankruptcy, Says Emergence Depends on Shedding Cost of Federal Government Mandated Renewable Fuel Standard

PES said the cost of RINs in 2017 alone was $218 million, more than every cost besides crude oil

Company invested in a new North Dakota rail terminal to benefit from discounted Bakken crude prices

From Reuters

NEW YORK (Reuters) …

January 23, 2018 - 6:54 am Closing Bell Story‎, Downstream, Energy News
Basic Energy Services Exits Chapter 11

Basic Energy Services Exits Chapter 11

Basic Energy Services emerges from bankruptcy with $125 million in new capital, and erases $775 million in debt

Fort Worth-based Basic Energy Services (ticker: BAS) announced this month that the company has successfully completed its prepackaged restructuring. The company will …

December 29, 2016 - 5:19 pm Closing Bell Story‎, Oil and Gas 360 Articles
More than 100 Oil and Gas Operators have Filed for Bankruptcy as of August

More than 100 Oil and Gas Operators have Filed for Bankruptcy as of August

Oil & Gas Bankruptcy Continues to Climb to $50.4 Billion in August

Three more companies joined the ranks of those that have filed for Chapter 11 bankruptcy protection since the fall in oil prices. The three companies had combined debt …