Finance - Debt
Some E&Ps are ramping up production, spending more, ignoring balance sheet repair and continuing to get rock bottom prices from oilfield service companies. Can the recovery handle it?
The justices refused to hear Oklahoma City-based Chesapeake's appeal of a September 2016 ruling by the New York-based 2nd U.S. Circuit Court of Appeals in favor of bondholders.
Deals in 2016 by Covey Park, the largest acreage holder in the Haynesville/Bossier shales, have fueled speculation that it might explore an IPO.
The net proceeds, together with available cash on hand, will fund the redemption of all outstanding 7.625% senior notes due 2019 and all outstanding 5% convertible senior notes due 2028.
J.P. Morgan led the facility and was joined by a syndicate of 11 banks, including six new lenders. As of March 31,about $172 million was drawn on the facility.
Ultra Petroleum said April 12 it successfully emerged from Chapter 11 bankruptcy following a $2.98 billion exit financing which paid the Houston-based company's creditors in full.
Bonanza Creek Energy's reorganization plan has received court approval, paving the way for the Denver-based company to exit bankruptcy later this month.
Eagle Ford producer WildHorse Resource said April 5 that its borrowing base increased by $87.5 million, or about 24% compared to fall 2016.
The acquisition includes ConocoPhillips' 50% interest in the FCCL Partnership, the companies' jointly owned oil sands venture operated by Cenovus, and most of ConocoPhillips' Deep Basin assets in Alberta and British Columbia.
Ultra Petroleum also reported April 3 that the proposed senior secured first-lien RBL term loan was increased to $800 million from $600 million, and that the proposed borrowing base was increased to $1.2 billion from $1 billion.
Ocean Rig said March 28 it had entered into an agreement with creditors representing more than 72% of the company's debt for a financial restructuring. The company had $3.25 billion in debt as of Dec. 31.
The Oklahoma City-based company's emergence from bankruptcy 'marks a new and prosperous time in Chaparral's storied history,' said K. Earl Reynolds, Chaparral CEO.