Commencing in 2015, the oil and gas industry began to experience a level of distress unprecedented in recent decades. During this time of distress, as a service to our clients, our business contacts, and the industry as a whole, Haynes and Boone has provided regular updates containing data regarding oil and gas bankruptcy filings. We began this process with our wildly popular Oil Patch Bankruptcy Monitor. Fueled by popular demand, we subsequently commenced publication of our Oilfield Services Bankruptcy Tracker and our Midstream Report. As 2016 draws to a close, in response to the overwhelming feedback from our loyal readers, we now share our Special Year-End Report that includes, not only updates to our Oil Patch Bankruptcy Monitor, Oilfield Services Bankruptcy Tracker, and Midstream Report, but also new data regarding bankruptcy exit strategies successfully employed by oil and gas producers. View the Year-End Edition of the Haynes and Boone Energy… Continue Reading
Haynes and Boone has tracked 114 North American oil and gas producers that have filed for bankruptcy since the beginning of 2015. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15, and Canadian cases, involve approximately $74.2 billion in cumulative secured and unsecured debt. As of December 14, 2016, 70 producers have filed bankruptcy so far this year, representing approximately $56.8 billion in cumulative secured and unsecured debt. During the month of November, 5 E&P companies filed for bankruptcy with cumulative debt of approximately $1.2 billion. So far, in the month of December, 1 E&P company filed for bankruptcy with cumulative debt of $1.4 billion. Texas bankruptcy courts remain at the top of the venue leaderboard, both in terms of the number of E&P filings and cumulative debt. Fifty one E&P bankruptcies have been filed in Texas, representing approximately $32.5 billion in cumulative secured and unsecured debt. View the Haynes and… Continue Reading
As a companion to our analysis of E&P and oil field service bankruptcy filings, Haynes and Boone has reviewed and compiled this Midstream Report. As demonstrated by the Midstream Report, the midstream sector has not suffered the same level of distress experienced by E&P or oilfield service companies. As of December 14, 2016, 16 midstream companies have filed Chapter 11 bankruptcy in the United States since 2015. These bankruptcies involved approximately $17.2 billion in cumulative secured and unsecured debt (including debt of related affiliates). View the Haynes and Boone Midstream Report here.
As a service to energy industry participants, the lawyers of the Oilfield Services and Bankruptcy Practices at Haynes and Boone, LLP have been tracking and reporting industry developments in oilfield service restructurings. Our research includes details on 110 bankruptcies filed since the beginning of 2015, including secured and unsecured debt totals for each case. The total amount of aggregate debt administered in oilfield services bankruptcy cases in 2015- 2016 is approximately $18.8 billion and the average debt of these cases exceeds $170 million. View the Haynes and Boone Oilfield Services Bankruptcy Tracker here.
On December 28, 2016, the DOL released Interpretive Bulletin 2016-01 (the “Bulletin“), which provides updated guidance for ERISA plan fiduciaries with respect to the voting of proxies on individual securities held in employee benefit plan portfolios and the appropriateness of active engagement with corporate management by plan fiduciaries. In publishing the Bulletin, the DOL withdrew Interpretive Bulletin 2008-2 and generally reinstated the language of Interpretive Bulletin 94-2, with certain clarifications. The DOL was concerned that Interpretive Bulletin 2008-2 had been misunderstood in a manner that dissuaded plan fiduciaries from voting proxies and otherwise prudently exercising shareholders’ rights, particularly with respect to areas concerning environmental, social, and governance issues and active engagement with corporate management. View the Bulletin here. View a news release related to the Bulletin here.