Tag: debt
Despite rebounding oil royalties, balanced budget out of reach for Alberta – Conference Board
Containing health spending (48% of provincial expenditures) key to Alberta achieving deficit-reduction target A slow rebound in royalties and corporate tax revenues will help shrink Alberta’s deficit over the coming years, according to the Conference Board of Canada. But the process will be slow and the deficit is expected to remain around $6.8 billion by […]
Westinghouse Nuclear files for chapter 11, announces restructuring
Westinghouse Nuclear files for chapter 11 protection and secures $800 million in DIP financing to fund operations Westinghouse Electric Company, LLC – commonly known as Westinghouse Nuclear – filed voluntary petitions under Chapter 11 of the US Bankruptcy Code Wednesday, according to a company press release. The company is seeking to undertake a strategic restructuring […]
How long can the Middle East withstand the low oil price? – Wood Mackenzie
At current oil prices, Middle East economies are under pressure – Wood Mackenzie Governments of the major oil producers in the Middle East are all running deficits and Wood Mackenzie estimates their 2016 fiscal break evens – the oil price needed to balance the government budget – to range from a low of $57/bbl in Kuwait […]
Basic Energy extends forbearance agreement, continuing negotiations
Basic Energy has liquidity to continue uninterrupted operations and meet its obligations to suppliers, customers, and employees FORT WORTH, Texas – Basic Energy Services, Inc. and subsidiaries announced that the company, its secured term loan lenders and secured asset-based revolver lenders, and certain of its unsecured bondholders have taken steps to enable the continuation of negotiations regarding […]
Texas-based Basic Energy Services using interest payment grace period to avoid default
“There are no discussions underway that would impair trade vendors, customers, or employees in any regard…” – Basic Energy Services Fort Worth, Texas – Basic Energy Services, Inc. announced that it has elected to utilize the 30-day grace period with respect to an $18.4 million interest payment due today on its 7.75 per cent senior notes due 2019, according […]
Southern Company, Kinder Morgan enter natural gas pipeline venture
“We plan to use all of the proceeds from this transaction to reduce debt at KMI” HOUSTON – Southern Company and Kinder Morgan, Inc. have announced a natural gas pipeline venture designed to “advance both companies’ leadership in energy infrastructure development” through Southern Company’s acquisition of a 50 per cent equity interest in the Southern Natural […]
Midland-based Clayton Williams Energy loses $35.3M loss in Q1
MIDLAND, Texas- Clayton Williams Energy, Inc. recorded another losing quarter, a Q1 a net loss of $35.3 million, or $2.90 per share, as compared to a net loss of $18.2 million, or $1.50 per share, for Q4 2015. Adjusted net loss (non-GAAP) for 1Q16 was $30.7 million, or $2.53 per share, as compared to adjusted net loss1 (non-GAAP) of […]
New filings propel US energy high yield bond default rate to record 13% – Fitch
Low market trading prices on the bonds portend poor recoveries for unsecured creditors on default NEW YORK – Two oil and gas producer defaults have propelled the energy high-yield default rate to a record 13 per cent, surpassing the 9.7 per cent mark set in 1999, according to Fitch Ratings. Ultra Petroleum Corp. and Midstate […]
Schlumberger suspends services in Venezuela due to insufficient payments
PDVSA maintain they are not having problems paying their bills, and labelled it manipulation by the media LONDON- Schlumberger Limited announced today that it will reduce its activity in Venezuela after it failed to collect payments from the national oil company. In October, Schlumberger was said to be shifting some of its workers from Brazil […]
MDU Resources completes sale of oil and natural gas assets
The company expects to reinvest proceeds in excess of debt repayments into its other business units, including the utility operations’ $1.5 billion, five-year capital expenditure program BISMARCK, North Dakota – MDU Resources Group, Inc. announced today that it has finalized the sale of its last marketed oil and natural gas production property. This completes the sale of […]
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