Finance - Debt
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.
Analysts at Capital Link forum consider midstream ‘safer’ sector for investors.
Speculative traders trying to gauge OPEC’s commitment to production cuts could leave the markets bruised.
ETP, MPLX and Enbridge complete transactions on the Bakken Pipeline System.
EnerJex also named Louis G. Schott as interim CEO following the resignation of Robert G. Watson Jr., who is leaving the company to pursue other business opportunities.