Houston Chronicle Losses continue to mount for Houston oil field service company National Oilwell Varco, which posted a nearly quarter billion dollar loss during the third quarter. In a statement released after close of market on Monday, NOV reported a $244 million loss on $2.1 billion of revenue during the third quarter. The figures were down from the $1 million
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
By Tyler Losier, Energy Reporter, Oil & Gas 360 Chairman Barry E. Davis will once again serve as the CEO of EnLink Midstream EnLink Midstream LLC (stock ticker: ENLC) will be reappointing its current executive chairman, Barry E. Davis, as chief executive officer, effective August 8. Previously, Davis, who will be retaining his position on the board, served as EnLink’s
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
Legacy Reserves Inc. Reaches Agreement With RBL And Second Lien Lenders On Terms Of Financial Restructuring
Shares of Bonanza Creek fall 37% on news of hiring a financial advisor Shares of Bonanza Creek (ticker: BCEI) took a nosedive Wednesday, falling 38%, with investors reacting negatively to an 8-K filing released during trading hours that the company was hiring Perella Weinberg Partners to “advise and assist in analyzing and evaluating financial and transactional alternatives, including restructuring options.”
HERO Re-enters Chapter 11 with Plans to Dissolve the Company Hercules Offshore (ticker: HERO) announced today that it has decided to return to Chapter 11 bankruptcy less than seven months after the company’s initial bankruptcy claim. Hercules plans to dissolve the company and sell all remaining assets instead of restructuring and staying in business. Hercules said in a press release
Three major organizational changes are coming to Baker Hughes, the company announced on May 25, 2016. The changes follow the company’s May 2 announcement of its plans to capitalize on its leadership position as a product innovator by simplifying its business structure, reducing costs and enhancing its commercial strategy. The company plans will consolidate its regional operations structure into one
On April 15, 2016, Goodrich Petroleum announced the company has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The RSA and the bankruptcy proceeding will allow for the restructuring of the Company’s balance sheet, which will strengthen the company’s financial position by reducing long-term debt and enhancing financial flexibility. Under the terms of the restructuring arrangement, Goodrich
Enbridge Inc. (ticker: ENB), the operator of the world’s longest crude oil transportation system, today announced a 33% increase to its next quarterly common share dividend, as well as a Canadian restructuring plan and corresponding new dividend payout policy range. These actions are intended to enhance the value to investors of the company’s organic growth capital program and enhance the
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