Energy bankruptcies a sign oil price increase too little, too late By Terry Wade HOUSTON, May 13 (Reuters) – The wave of U.S. energy bankruptcies surged past 60 this week, an ominous sign that the recovery of crude prices to near $50 a barrel is too little, too late for small companies that are running out […]
U.S. energy bankruptcies surge despite recovering oil prices Read More »
Exco Resources forced to restructure debt May 13 (Reuters) – Oil and gas producer Exco Resources Inc said on Friday it formed a special committee to evaluate strategic alternatives, including in-court or out-of-court restructuring. Exco joins dozens of U.S. shale companies forced to restructure debt after a near-60 percent slump in oil prices since mid-2014 eroded
Exco Resources forms committee to evaluate strategic alternatives Read More »
“FMC Technologies’ highly experienced wireline management team that is joining Reliance brings excellent relationships with both operational staff and customers” TULSA, Okla.- Reliance Oilfield Services, LLC says it will buy FMC Technologies, Inc.’s wireline services business in Canada and the United States. Specific financial terms of the transaction were not disclosed. Reliance says it intends to offer
Reliance Oilfield to acquire FMC Technologies’ North American wireline assets Read More »
Linn Energy has agreement with senior creditors to recapitalize company By Tom Hals and Tracy Rucinski May 11 (Reuters) – Oil-and-gas producer Linn Energy LLC filed for Chapter 11 bankruptcy on Wednesday, becoming one of the biggest victims of global commodity rout, and said it had an agreement with senior creditors to recapitalize the company. Under
Linn Energy files for Chapter 11 bankruptcy in oil bust Read More »
Tortue field reserves approx. 25 Tcf, fairway may hold more than 50 Tcf of natural gas potential Monday was a busy day for Texas-based Kosmos Energy Ltd. The company announced more drilling success for its “world-class basin” offshore Mauritania and Senegal and released its Q1 financial results, which showed a smaller loss compared to the same period last
Kosmos Energy announces more positive tests for ‘world class’ gas field Read More »
Magnum Hunter says it also resolved business disputes with Eureka Midstream Holdings, LLC IRVING, Texas – Magnum Hunter Resources Corporation and certain of its wholly-owned subsidiaries announced that its Chapter 11 plan of reorganization, which was confirmed by the United States Bankruptcy Court for the District of Delaware on April 18, is now effective. Magnum Hunter
Magnum Hunter Resources emerges from Chapter 11 bankruptcy Read More »
SolarCity shares down 15 per cent May 9 (Reuters) – SolarCity Corp cut its forecast for solar panel installations this year and reported a bigger-than-expected quarterly loss, sending its shares down 15 percent in extended trading on Monday. The company, which is backed by Tesla Motors Inc founder Elon Musk, said it expects to install 1.0-1.1
SolarCity cuts panel installation forecast; shares tumble Read More »
Adjusted net loss from operations in Q1 was $59 million, or a loss of $0.21 per share TULSA, Okla. – WPX Energy says that it is increasing its estimated ultimate recoveries (EURs) for its Delaware Basin wells in the Permian to 900 Mboe, up 34 per cent from its acquisition type curve of 670 Mboe. The company plans
WPX Energy loses $59M in Q1 but optimistic for Permian Basin production Read More »
SunPower revenue drop in power plant business May 5 (Reuters) – SunPower Corp, the No. 2 U.S. solar panel maker, posted a bigger quarterly loss, largely due to a drop in revenue in its power plant business. The net loss attributable to shareholders widened to $85.4 million, or 62 cents per share, in the first
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EOG Resources posted a net loss of $471.8 million HOUSTON, May 5 (Reuters) – Oil producer EOG Resources Inc posted a smaller-than-expected quarterly loss on Thursday as it slashed costs in an attempt to offset the plunge in crude prices. The company posted a net loss of $471.8 million, or 86 cents per share, compared with
EOG Resources Q1 loss beats Street’s expectations Read More »
