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Unit Corp. Reorganizing Through Bankruptcy
Wednesday, May 27, 2020The move should reduce the company's debt obligations by more than $650 million.
BW Offshore Records $233MM Impairment for 1Q
Wednesday, May 27, 2020The impairment reflects uncertainty on FPSO redeployment in the current market turmoil.
Shale Faces Multibillion-Dollar Hedging Crunch
Thursday, May 21, 2020U.S. shale drillers spooked by the epic meltdown in oil markets are trying to figure out how to protect themselves in the future.
Gavilan is Latest Shale Player Pursuing Bankruptcy
Tuesday, May 19, 2020The Eagle Ford firm pointed to market turmoil and ongoing squabbles with Sanchez Energy as filing factors.
Petrobras Books Hefty 1Q Impairment on Oil, Gas Assets
Monday, May 18, 2020The company wrote off the entire value of its shallow-water assets.
Why Some Asian NOCs are Sticking to Spending Plans
Monday, May 18, 2020Some Asian national oil companies are sticking to their spending plans despite the falls in price and demand.
Hornbeck Offshore Seeking Lender Approval for Chapter 11
Friday, May 15, 2020The company plans to start its chapter 11 process in the U.S. Bankruptcy Court within the next few days.
Post Oak Affiliate Sells Precision Compression Interest
Tuesday, May 12, 2020Post Oak originally provided funding for the start-up and growth of the business.
Focus On: Oilfield Services
Chesapeake Revives Going Concern Warning
Tuesday, May 12, 2020The outlook for the company's debt restructuring effort is teetering.
Aramco Plans $75B Dividend
Tuesday, May 12, 2020Saudi Arabia's state-controlled oil giant retained its massive dividend despite a 25 percent plunge in profit.
Energy Spectrum Closes $969MM Midstream Fund
Monday, May 11, 2020The firm plans to take advantage of midstream opportunities amid significant price dislocations in the current market.
Oil Execs Urge Norway to Revise $10B Package
Friday, May 08, 2020Two of Norway's most influential oil executives asked the government to change a tax proposal that is meant to boost investment.
Exxon Sees Historic Loss on Rout With Chevron in Retreat
Friday, May 01, 2020Exxon Mobil posted its first loss in at least three decades and Chevron slashed $2 billion off its spending plan.
XTO Energy Extends Offering to Buy Trust Units
Thursday, April 30, 2020The offer is now scheduled to expire on May 12, 2020.
Shell Cuts Dividend for First Time Since WWII
Thursday, April 30, 2020Royal Dutch Shell cut its dividend for the first time since the Second World War.
Shell Dividend Cut Dubbed Sensible
Thursday, April 30, 2020Shell's move to cut its dividend by 66 percent has been described by Wood Mackenzie's Tom Ellacott as a 'sensible and prudent action'.
Trump Poised to Offer Bridge Loans to Ailing Oil Companies
Wednesday, April 29, 2020The Trump administration may announce as soon as Thursday a plan to offer loans to the ailing oil industry.
US Silica Holdings Execs, Board Take Pay Cut
Tuesday, April 28, 2020They have volunteered to take up to a 20 percent temporary base salary reduction.
Energy Turnaround Pro Sees Demand Destruction as Top Issue
Tuesday, April 28, 2020SierraConstellation Partners' Basil Karampelas says oil and gas firms need to focus on three themes.
Hamm's Continental Sued Over Failed $200MM Oil Deal
Tuesday, April 28, 2020It's the latest example of an oil and gas deal running into snags amid the unprecedented plunge in crude prices.
Whiting's Bankruptcy Cuts $2.3B of Debt
Friday, April 24, 2020The Denver-based company agreed to give a 97 percent stake in the reorganized company to its noteholders.
Oil Giant Slashes Dividend to Weather Crash
Thursday, April 23, 2020Equinor ASA became the first major oil company to cut its dividend amid an historic market rout.
Chesapeake Adopts Poison Pill After Shares Plummet
Thursday, April 23, 2020While the company has pushed to transition into an oil explorer, that move could prove pointless after crude's historic crash.
Oil Lenders Might Hit the Brakes on Bankruptcies
Wednesday, April 22, 2020Some creditors of bankrupt energy drillers may want to freeze their court fights awhile.
Camelback Midstream Secures $400MM From ArcLight
Tuesday, April 21, 2020The company will pursue opportunities in the current "compelling acquisition environment".
Tapstone Energy Emerges From Restructuring
Tuesday, April 21, 2020Its net debt has improved by about $500 million from start to finish.
Schlumberger Revenues Tumble Under Double Black Swan
Monday, April 20, 2020The 1Q results also include a $8.5B pretax charge, driven by the sharp decline in market valuations.
Halliburton Slashes Spending to Brace for Demand Declines
Monday, April 20, 2020It set 2020 capital outlays at $800 million, 33 percent below previous guidance and the first sub-$1 billion budget since 2016.
Yuma Energy Files for Bankruptcy
Friday, April 17, 2020Yuma will auction all its assets within 90 days of the bankruptcy filings.
Cimarex to Cut Up to 60 Percent of Planned Capex
Friday, April 17, 2020The company has deferred completion activities and will drop all but one drilling rig in May.
ConocoPhillips Unveils Curtailment Plans
Friday, April 17, 2020The company has cut 2020 cash uses by more than $5B within the past month.
Weatherford Sees Improvements in 1Q Financial Results
Thursday, April 16, 2020However, in the current operating environment, the company's debt levels are still too high.
SAExploration Exploring Strategic Alternatives
Thursday, April 16, 2020SAE has retained Imperial Capital LLC as its financial advisor to assist with the process.
Hornbeck Eyes Bankruptcy, Negotiates Debt Deal
Wednesday, April 15, 2020The arrangement includes a $75MM DIP loan and filing for Chapter 11 bankruptcy protection.
Oxy Dilutes Icahn to Pay Buffett
Wednesday, April 15, 2020Oxy issued $257 million in common shares to honor a quarterly payout on Berkshire Hathaway's preferred stock.
Baker Hughes Takes $15B Charge for Q1
Tuesday, April 14, 2020The firm has also approved a restructuring plan.
China Big Oil Urged to Copy Mexican Hedge
Tuesday, April 14, 2020A researcher at China's biggest oil company said the country's drillers should copy the hedging strategies of Mexico and shale firms in the U.S.
Pacific Drilling Becomes Noncompliant With NYSE
Monday, April 13, 2020At closing on April 9, Pacific Drilling shares were trading at $0.66 each.
BHP to Speed Up Payments to Suppliers
Friday, April 10, 2020BHP Petroleum is taking steps to boost cash flow to its suppliers.
Lender Rescinds Yuma Energy's Restructuring Deal
Thursday, April 09, 2020Yuma's ability to make interest payments was stymied by the oil price collapse, certain well failures and economic uncertainty.
Abraxas Petroleum Falls Out of Compliance With NASDAQ
Wednesday, April 08, 2020The company failed to file its Form 10-K for the period ended Dec. 31, 2019.
ExxonMobil Cuts $10B from 2020 Capex
Wednesday, April 08, 2020The supermajor is lowering its 2020 capital spending by 30 percent and its cash operating expenses by 15 percent.
Marathon Will Take Frac Holidays to Cut Spending
Wednesday, April 08, 2020The company is reducing spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same.
Bankrupt Alta Mesa Accepts Lower Bid With $220MM Sale
Monday, April 06, 2020The buyer requested the discount because "a perfect storm of factors" had recently reduced the value of Alta Mesa's assets.
Patterson-UTI Energy Cuts Capex 60 Percent YoY
Friday, April 03, 2020Executive compensation for 2020 has also been reduced by more than 50 percent.
TechnipFMC Cuts Capex 30 Percent
Friday, April 03, 2020TechnipFMC has lowered its 2020 capital expenditures by 30 percent to $300 million in response to current market conditions.
Select Energy Services Slashes Capital Spend in Half
Thursday, April 02, 2020It also reduced total select headcount by 31 percent since March 1, including field operations and corporate positions.
Shale Titan Whiting Petroleum Files for Bankruptcy
Wednesday, April 01, 2020The company, facing more than a quarter-billion dollar debt maturity, filed for bankruptcy Wednesday.
CARBO Ceramics Files for Chapter 11 Bankruptcy
Tuesday, March 31, 2020Wilks Brothers LLC will acquire CARBO through a debt-for-equity exchange.
Petrobras Cuts Capex, Oil Output Amid Market Turmoil
Friday, March 27, 2020Salary cuts, postponed dividend payments and delayed exploration are all part of the survival plan.
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