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UPDATED: Energy Bankruptcy Reports and Surveys

Oil Patch Bankruptcy Monitor: Includes details on oil and gas producers that have filed for bankruptcy since the beginning of 2015 – most recent update October 31, 2017. Oilfield Services Bankruptcy Tracker: Includes details on oilfield services companies that have filed for bankruptcy since the beginning of 2015 – most recent update October 31 2017. Midstream Report: Includes details on the midstream companies that have filed for bankruptcy since 2015 – most recent update: October 31, 2017.

UPDATED: Energy Bankruptcy Reports and Surveys

Oil Patch Bankruptcy Monitor: includes details on oil and gas producers that have filed for bankruptcy since the beginning of 2015 – most recent update July 31, 2017. Oilfield Services Bankruptcy Tracker: includes details on middle-market oilfield services companies that have filed for bankruptcy since the beginning of 2015 – most recent update July 31 2017. Midstream Report: includes details on the midstream companies that have filed for bankruptcy since 2015 – most recent update July 31, 2017.

UPDATED: Energy Bankruptcy Reports and Surveys

Oil Patch Bankruptcy Monitor: details on oil and gas producers that have filed for bankruptcy since the beginning of 2015. Updated April 27, 2017. Oilfield Services Bankruptcy Tracker: details on middle-market oilfield services companies that have filed for bankruptcy since the beginning of 2015. Updated April 27, 2017. Borrowing Base Redeterminations Survey: details on what lenders, borrowers and others in the energy industry expect regarding the borrowing base redeterminations in light of oil price uncertainty – Updated April 04, 2017. Midstream Report: details on the midstream companies that have filed for bankruptcy since 2015. Updated February 20, 2017.

Haynes and Boone Borrowing Base Redeterminations Survey – Spring 2017 Results

Haynes and Boone, LLP’s spring 2017 survey of oil and gas borrowers and lenders demonstrates a modestly improved outlook for the oil and gas market. In its “Borrowing Base Redeterminations Survey: Spring 2017,” the firm polled a broad cross-section of the industry, including executives at oil and gas producers, oilfield services companies, banks and private equity firms, to glean their forward-looking views about the financial state of the market. Specifically, the survey asked respondents to offer predictions about producers’ future borrowing capacity or “borrowing bases”. Producers and lenders meet twice a year to assess borrowing bases — determinations that turn on banks’ projections about the future prices of the producers’ oil and gas reserves. Survey respondents expect that 76 percent of producers will see their borrowing bases increase slightly or remain unchanged compared to their fall 2016 borrowing bases. This is improved from Haynes and Boone’s fall 2016 survey, when… Continue Reading

UPDATED: Energy Bankruptcy Reports and Surveys

Oil Patch Bankruptcy Monitor: details on oil and gas producers that have filed for bankruptcy since the beginning of 2015. Updated February 20, 2017. Midstream Report: details on the midstream companies that have filed for bankruptcy since 2015. Updated February 20, 2017. Oilfield Services Bankruptcy Tracker: details on middle-market oilfield services companies that have filed for bankruptcy since the beginning of 2015. Updated February 20, 2017.

Special Year-End Edition of the Haynes and Boone Energy Bankruptcy Reports

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 Oil Patch Bankruptcy Monitor – Updated December 14, 2016

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

Haynes and Boone Midstream Report – Updated December 14, 2016

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.

Haynes and Boone Oilfield Services Bankruptcy Tracker – Updated December 14, 2016

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.

Haynes and Boone Oilfield Services Bankruptcy Tracker – Updated October 25, 2016

Haynes and Boone Oilfield Services Bankruptcy Tracker – Updated October 25, 2016

While exploration and production bankruptcies have slowed, nearly two-dozen North American oilfield service companies commenced Chapter 7, Chapter 11 or Chapter 15 bankruptcy since August 1, 2016, involving over $4.8 billion in cumulative secured and unsecured debt, including Tervita Corporation ($2 billion), Key Energy Services, Inc. ($1 billion), and Basic Energy Services, Inc. ($1.1 billion). As of October 25, 2016, 70 oilfield service companies have filed bankruptcy so far this year, totaling over $13.3 billion in cumulative debt. Despite the recent spike in oil prices and increase in active drilling rigs, all indications suggest the uptick in oilfield service bankruptcies will continue in 2016 and into 2017. View the Haynes and Boone Oilfield Services Bankruptcy Tracker here.

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