Tag: debt
Sanchez Production announces $137 million loss in 2015
Sanchez recorded net loss of $44.5 million in Q4 2015, net loss of $137 million for full year 2015 HOUSTON, Texas – Sanchez Production Partners LP today reported fourth quarter and full year 2015 results. “Despite a number of significant headwinds, we executed a plan to transform SPP in 2015 and exited the year with a well-positioned master […]
Houston-based Vertex Energy reduces debt, slows net loss in 2015 financial report
“We believe that the industry in 2016 will continue to feel the pressures that made 2015 difficult.” – Vertex CEO Cowart Vertex Energy, Inc., an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announced today its financial results for the three and twelve months ended Dec. 31, 2015. “We continue […]
Venoco files voluntary Chapter 11, reaches agreement with lenders
Venoco says it will continue normal operations and meet its financial obligations throughout restructuring process DENVER, CO – Venoco, Inc. has announced that it has reached an agreement with its senior lenders to reduce the company’s debt load and restructure the balance sheet. “Today’s announcement represents another significant step in our ongoing efforts to address the challenges […]
Struggling O&G co.s losing vital financial lifeline by missing distressed debt payments
Fitch projects $90 billion in 2016 defaults, 3rd highest on record behind 2002 ($110 billion) and 2009 ($119 billion) Distressed debt exchanges (DDEs), a prominent lifeline used by struggling energy companies since last April, may no longer be a viable tool to stem the tide of low oil prices, according to Fitch Ratings. The past three […]
Trican closes sale of US fracking business
Trican will pay down debt, strengthen balance sheet to weather industry downturn caused by low oil prices Trican Well Service Ltd. says it expects to close the sale of its United States fracking business today to Keane Group, a privately-held U.S.-based well completion services company. As previously announced, the transaction involves the sale of all of the fracking and select […]
Argentina’s Vaca Muerta shale play has big expectations, high interest
Compared to US shale plays, Eagle Ford geology in south Texas comes closest to Vaca Muerta Despite volatile oil prices that have drastically reduced oil and gas drilling activity worldwide, operators that have weathered the oil price decline are positioning themselves to tap the potential of the next “big unconventional play.” American Energy News reported that […]
WPX Energy hedges more production, reduces debt
WPX says it remains engaged in discussions to sell all or a portion of its assets in Piceance Basin TULSA, Okla.- WPX Energy says it has shored up its balance sheet by selling assets and hedging about 75 per cent of its oil production. WPX Energy says it added more hedges to protect cash flows and repurchased […]
Magnum Hunter Resources files for Chapter 11 bankruptcy protection
Agreement provides for debtor-in-possession financing in form of a $200 million senior secured multi-draw term loan Magnum Hunter Resources Corporation and its subsidiaries filed for bankruptcy protection Tuesday, saying it has the support of its lenders to restructure debt. The company has a restructuring support agreement with lenders that hold approximately 75 per cent in principal […]
Kinder Morgan forecasting solid 2016, healthy revenue and cash flow
Kinder Morgan anticipates enough cash flow to fund all 2016 equity contribution, “significant portion” of debt requirements HOUSTON, TEXAS – Despite troubles dogging the global oil and gas industry, Kinder Morgan says it will generate enough revenue in 2016 to fund its operations, including capital expenditures. Kinder Morgan, Inc. announced Wednesday that its board of directors […]
Oil field service equipment scooped for bargain prices during downturn
Las Vegas-based First Titan says market for used oil field equipment will be huge when industry turns around First Titan Corp. believes it has found a lucrative new source of future revenues and is pursuing opportunities in a market some are abandoning: oil field services. Oversupply and falling demand have the oil and gas industry mired in a […]
Connect
Connect with us on the following social media platforms.