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 for a time avoided the economic difficulties of its competitors but had of late experienced growing financial challenges as the market
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 in the province. Trident terminated 33 employees and 61 contractors on Tuesday, the company said in a news release. The privately held
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 company as it headed for bankruptcy. “Had defendants not taken these illegal and improper actions, Sears would have had billions of dollars
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. Miners lost on both counts, though now the buyer of the Kemmerer mine will be obligated to bargain a new contract
PetroQuest Energy Announces Successful Completion of Financial Restructuring; Provides 2018 Estimated Proved Oil and Gas Reserves and Production
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 market into flux, creating uncertainty for an industry shouldering much of the burden associated with greening California’s economy. Analysts do
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 file for bankruptcy protection might’ve felt like a long-anticipated endpoint. PG&E has faced mounting scrutiny over the role its equipment has played
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 said it was considering bankruptcy in an effort to protect it from creditors. Westmoreland, which has operated for 164 years,
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. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15 and Canadian cases, involve approximately $90.2 billion in cumulative secured and unsecured
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) – Philadelphia Energy Solutions, owner of the largest U.S. East Coast refinery, said on Monday its plan to get out
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 exit Chapter 11 with $125 million in new capital, and with its debt level reduced by $775 million, according to
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 of approximately $367 million, bringing the total number of oil and gas producers to file for bankruptcy in 2016 to
