Finance - Restructuring
Fieldwood entered Chapter 11 with a simultaneous deal to buy Gulf of Mexico assets from Noble Energy while taking pains to meet obligations to employees and more than 700 vendors.
As part of a stalking-horse bid, SAExploration offered to acquire bankrupt Geokinetics' equipment and machinery, seismic processing software and equipment, and certain contracts with large E&P companies.
EV Energy Partners, an MLP, filed for Chapter 11 in early April. Parent firm EnerVest and its EnerVest Operating unit did not file for bankruptcy.
Questerre Energy reported on June 4 that it has executed a letter of intent with a senior E&P company to settle outstanding litigation and acquire all their assets in the St. Lawrence Lowlands, Quebec.
Appalachia shale producer Rex Energy’s bankruptcy follows Chapter 11 filings this week by two other U.S.-focused E&Ps.
Rebound in oil prices and restructurings of debt loads mean the trend toward more bankrupt producers is easing.
WhiteWater Midstream on May 2 announced the execution of multiple transportation and interconnect agreements for its Delaware Basin Agua Blanca pipeline, which is a joint venture between WhiteWater and WPX Energy (NYSE: WPX).
Seadrill aims to expand relations with Schlumberger and other service firms following approval of its multibillion-dollar debt restructuring plan, CEO Anton Dibowitz told Reuters.
The turnaround of Breitburn, which encountered many hurdles during its two-year Chapter 11 bankruptcy, indicates ‘better times in the energy industry.’
Breitburn said it successfully completed its Chapter 11 reorganization and emerged as Maverick Natural Resources, a newly-formed company owned and operated by EIG.
The largest winning bid was a $339 million joint offer by Statoil and Total for Cobalt’s 60% operated interest in the North Platte discovery.
Dallas Cowboys owner Jerry Jones will invest $75 million in Comstock, but analysts throw down a penalty flag on Comstock’s Eagle Ford Shale divestiture and dilutive refinancing efforts.