News & Analysis as of

Energy Sector Oil & Gas Commercial Bankruptcy

Holland & Knight LLP

Distressed Investing in Energy: Strategies and Risks in a Nutshell

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From a U.S. bankruptcy perspective, distressed debt investing is often based on two fundamental principles in the bankruptcy system: 1) a secured creditor is entitled to the value of its collateral in a given bankruptcy case...more

A&O Shearman

Gas Market Insolvencies in Great Britain: Legal, Regulatory and Insolvency Issues

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Over the past decade there has been an influx of small- and medium-sized entrants to the U.K. gas supplier market, which is supervised by Great Britain’s independent energy regulator, the Office of Gas and Electricity Markets...more

Bennett Jones LLP

Court of Appeal Clarifies Treatment of Asset Retirement Obligations

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On March 25, 2022, the Alberta Court of Appeal issued its decision in PricewaterhouseCoopers Inc v Perpetual Energy Inc, 2022 ABCA 111. Briefly, the Court held that abandonment and reclamation obligations (ARO) of oil and gas...more

White & Case LLP

Recovering prices stabilize oil and gas credits

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Recovering oil prices brought much needed stability to the balance sheets of oil and gas borrowers that were on the brink of foreclosure through lockdowns, but the transition away from hydrocarbons poses an ongoing challenge...more

Hogan Lovells

Black Swan or new dawn: Why supply chain management is more important than ever

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Supply chains are increasingly vulnerable to a range of risks. In recent years businesses have focussed upon streamlining their supply base to minimise costs. They have sought to reduce inventory to free up working capital...more

Dorsey & Whitney LLP

Alternatives For Managing Distress In The Oil Patch

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According to the U.S. Energy Information Administration (EIA), the United States (U.S.) regular gasoline retail price as of the Monday before Labor Day fell to $2.22 per gallon this year, the lowest level for this time of...more

Jones Day

Energy Sector Update: More Bankruptcy Courts Join the Fray in Dispute Over Rejection of Gas Gathering Agreements

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In a leading precedent handed down in 2018—Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC (In re Sabine Oil & Gas Corp.), 734 Fed. Appx. 64 (2d Cir. May 25, 2018)—the U.S. Court of Appeals for the Second Circuit...more

Opportune LLP

Bracing For Change: A Look Ahead To 2021

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What will the oil and gas landscape look like in 2021? Managing Director Gary Pittman discusses bankruptcy and restructuring trends and what we can expect heading into the new year....more

Opportune LLP

Q&A: Oil & Gas Bankruptcies, Restructurings & Mergers Likely To Continue In 2021

Opportune LLP on

As Murphy’s law states, “Anything that can go wrong will go wrong”. This age-old adage can be applied to what the U.S. oil and gas industry has experienced through most of 2020. The U.S. shale sector continues to reel...more

A&O Shearman

Additional Guidance for Drafting Dedications: Delaware Bankruptcy Court Rejects Southland Dedication

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The oil and gas industry in the United States is highly dependent upon an intricate set of agreements that allow oil and gas to be gathered from privately owned land. Historically, the dedication language in oil and gas...more

Vinson & Elkins LLP

[Webinar] Distressed Upstream Oil and Gas Transactions - December 3rd, 12:00 pm - 1:00 pm CT

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This presentation provides a general overview of market changes that have occurred in the upstream oil and gas space in 2020. It further identifies alternative structures for acquiring or divesting distressed upstream oil and...more

Balch & Bingham LLP

[Webinar] Predicting the Unpredictable: Forecasting Growth and Consolidation in Energy/Oil & Gas - December 8th, 12:00 pm - 1:00...

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Are you positioning your business for growth or consolidation opportunities in 2021? Join Balch & Bingham’s Houston lawyers to hear their perspectives on how to plan now to achieve next year’s goals and maximize potential...more

McGuireWoods LLP

New Bankruptcy Ruling Could Impact Future Midstream Contracts

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On Oct. 28, 2020, the U.S. Bankruptcy Court for the Southern District of Texas delivered a key ruling affecting: (1) purchase and sale agreements for produced gas and severed minerals; and (2) agreements with “exclusive...more

Troutman Pepper Locke

FERC Finds Abrogation of Gas TSAs Would Not Be in the Public Interest Ahead of Possible Bankruptcy Proceeding

Troutman Pepper Locke on

On October 28, 2020, FERC declined to abrogate or modify firm natural gas transportation service agreements (“Gulfport TSAs”) between Gulfport Energy Corporation (“Gulfport”) and Rockies Express Pipeline LLC (“Rockies...more

White & Case LLP

No let up for oil and gas borrowers

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The oil and gas sector has been one of the hardest hit by COVID-19 lockdowns and there has been little relief as restructurings rise across the industry - The oil and gas (O&G) upstream sector continues to face financing...more

Holland & Knight LLP

How Midstream Providers Must Respond to Latest Exploration and Production Bankruptcies

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As predicted in Holland & Knight's Energy and Natural Resources Blog post on March 16, 2020, "Midstream Providers Can Prepare for the Next Wave of Restructurings," the dual impact of a COVID-19 demand slump and market pricing...more

Opportune LLP

Land Drilling Optionality? Opportunities In Latest Oil & Gas Bankruptcy Cycle

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Find out why the latest oil and gas bankruptcy cycle presents opportunities for onshore drillers to weather the storm.  ...more

Epiq

The Pandemic Strikes Again: Energy Sector Bankruptcies Rise

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While the airline industry has benefited from a special federal stimulus loan package tied to the impact of COVID-19, the energy industry has not been as fortunate to date. Many energy companies were distressed before the...more

Opportune LLP

Key Themes Gleaned From Recent Oil & Gas Bankruptcy Exit Financings, Lender Requirements

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As upstream oil and gas companies emerge from Chapter 11 bankruptcies, they’ll need to be mindful of exit credit facility terms and requirements that may reflect a shift from their prior experience and will likely affect...more

Spilman Thomas & Battle, PLLC

Currents - Energy Industry Insights: Issue 25, July 2020

Top Court Seeks Trump Administration Input on PennEast Pipeline - "The U.S. Supreme Court asked the Trump administration for input on a PennEast Pipeline Co. appeal that aims to jump-start a planned natural-gas line by...more

Opportune LLP

Q&A With Opportune Managing Partner David Baggett: Oil & Gas Restructurings Signal Paradigm Shift

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Opportune Managing Partner David Baggett shares his thoughts on how oil and gas restructurings may signal a paradigm shift in the industry. ...more

Opportune LLP

Creditor Income Tax Considerations in the Form of Ownership for Upstream Oil & Gas Investors

Opportune LLP on

Find out why upstream oil and gas investors should take into account income tax considerations during and after a restructuring event.  ...more

Spilman Thomas & Battle, PLLC

Currents - Energy Industry Insights - May 2020 #4

Industry Expert Insights - We reached out to one of our Lex Mundi partners and a well-known expert in Poland in the energy and legal industries to get his thoughts on the current energy climate. Radoslaw Wasiak is a...more

Spilman Thomas & Battle, PLLC

Currents - Energy Industry Insights: April 2020 #3

U.S. Banks Prepare to Seize Energy Assets as Shale Boom Goes Bust - "Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans...more

Foley & Lardner LLP

Five Tips for Collecting Oilfield Debts in the Wake of the Coronavirus

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Over the past month, Texans have seen their lives drastically impacted by the COVID-19 pandemic. Businesses have been shut down, citizens have been ordered or strongly encouraged to stay at home, and many individuals find...more

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