Double Eagle Energy Preps for IPO
Double Eagle Energy Permian LLC is a unicorn roaming the barren landscape of West Texas. Founded by a retired NFL player and his high school buddy - with land deals signed on the hood of a pickup - the Fort Worth oil and gas company is now worth nearly $3 billion, according to a half dozen bankers who have examined its value.
Even Bankrupt Shale Drillers Keep Pumping Oil
As oil prices nosedived by two-thirds since 2014, a belief took hold in global energy markets that for prices to recover, many U.S. shale producers would first have to falter to allow markets to rebalance. With U.S. oil prices now trading below $40 a barrel, the corporate casualties are already mounting.
Even Bankrupt US Shale Drillers Keep Pumping
As oil prices nosedived by two-thirds since 2014, a belief took hold in global energy markets that for prices to recover, many U.S. shale producers would first have to falter to allow markets to rebalance. With U.S. oil prices now trading below $40 a barrel, the corporate casualties are already mounting.
Struggling U.S. O&G Companies Eye Rare Financing Deals
Some cash-strapped U.S. oil and gas companies are considering creating an unusual layer of debt as a way of surviving the rout in oil and gas prices, according to restructuring advisors. Chesapeake Energy Corp for example is considering the strategy to swap some of its roughly $9 billion debt. Severely distressed companies may issue so-called 1.5 lien debt…
Swift Energy Gets Loan Approval from US Bankruptcy Court
Swift Energy Co received U.S. bankruptcy court approval on Tuesday to borrow up to $15 million, giving the oil-and-gas exploration company time to negotiate a refinancing deal that is key to its turnaround. Swift filed for Chapter 11 on Dec. 31, joining about 40 other energy companies that entered…
Samson Resources' CEO to Quit
Samson Resources Corp's chief executive officer plans to resign, a lawyer for the bankrupt oil and gas producer told a judge on Thursday, adding that the company's six-week-old restructuring deal is in peril due to tumbling natural gas prices. CEO Randy Limbacher will continue in his role until December to smooth the transition, said Joshua Sussberg, Samson's lawyer.
Samson Bankruptcy Spotlights Offshore Rig Situation
The most significant bankruptcy of the current oil downturn has shone a spotlight on what is perhaps the most oversupplied corner of the energy world: the market for offshore rig services. Samson Resources Corp, an independent oil producer bought just four years ago for $7.2 billion, said in its…
