World Oil (Bloomberg) –JPMorgan Chase & Co. is selling Bighorn Permian Resources LLC, an oil and gas producer it took over in 2020 after the company failed to attract bidders during its bankruptcy, to Earthstone Energy Inc. for $860 million. Formerly known as Sable Permian Resources, Bighorn was part of the late shale pioneer Aubrey McClendon’s empire. Amid the pandemic-driven
Reuters Natural gas explorer and producer Gulfport Energy Corp filed for Chapter 11 bankruptcy on Friday, becoming the latest company in the U.S. energy sector to succumb to weak crude prices as the COVID-19 pandemic crimps fuel demand. In a statement on Saturday, Gulfport said it has secured $262.5 million in debtor-in-possession financing from its existing lenders under its revolving
Reuters Oklahoma shale driller Chaparral Energy Inc filed for Chapter 11 bankruptcy protection on Sunday, the latest U.S. energy sector casualty in recent months as COVID-19 crushes oil demand. The company’s assets and liabilities were in the range of $500 million to $1 billion, according to a court filing in the U.S. Bankruptcy Court in Delaware. It had around $421
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. The payout marked the latest in a series of board decisions that allowed the oilfield supplier’s top executives and founders
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 that the company was in talks to line up bankruptcy financing and it was discussing a possible loan to aid
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, Weatherford reported a $5.3 billion profit on more than $1.2 billion of revenue during the fourth quarter. The figures were
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 Mach Resources are scooping up the remaining parts of Houston-based Alta Mesa and its pipeline subsidiary Kingfisher Midstream. The deal was
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 new executive vice president, chief financial officer and treasurer, effective August 14. Altizer will replace Quentin Hicks, who resigned from
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 the aggregate debt from 2019 bankruptcy filings of almost $20 billion has already surpassed the roughly $17 billion from a
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 limited liability company under the name Grizzly Energy. According to the Houston Chronicle, this is the second time in two
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 Cordero Rojo mines in the Powder River Basin, declared bankruptcy in May. A hearing to approve any sales will take place
From The Houston Chronicle Weatherford International filed for Chapter 11 bankruptcy protection Monday 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 on too much debt and fighting to recover from falling oil prices in 2014 that hammered the energy industry. Weatherford,
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