bankruptcy
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The investment group Wilks Brothers, now owners of Carbo Ceramics, has sought stakes in other OFS companies this year. -
Judgment day may finally have arrived for weak players in the shale business. Deloitte ranks nearly half of the companies as extraneous. What happens next?
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The legacy service provider operates in every major shale basin in the US and Canada. In court filings, it says it will seek additional funding to sell its equipment and wind down operations.
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The contraction of the shale sector and its operations such as drilling and completions due to COVID-19 and the drop in oil price has sifted down to the frac sand suppliers.
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McDermott’s restructuring comes 5 months after it filed for Chapter 11 protection. The company was struggling with debt since its 2018 acquisition of CB&I.
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The distressed shale pioneer will wipe away nearly $7 billion in debt and is likely to make major asset sales as it attempts to restructure itself into a profitable business.
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With contracts canceled and pressures mounting, offshore oil drillers struggle to stay afloat.
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The development marks the second-largest shale producer to file for Chapter 11 since the onset of the COVID-19 pandemic that sent crude prices reeling.
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The chapter 11 filing comes as record-low crude prices and excess supply have impacted operations across the industry. About 2,500 jobs could be at stake.
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Golden parachutes typically pay executives big money if they are fired without cause. Whiting Petroleum executives found a way to collect theirs for staying on board after the company they led filed for bankruptcy.
