bankruptcy
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The Denver-based shale producer is the first to cite the ongoing price war and COVID-19 pandemic as the triggers for its insolvency. -
More than 200 companies could become insolvent in the UK and Norway. This number may be larger when including the rest of Europe.
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The firm has outlined a restructuring plan that will see it sell off subsidiaries and erase more than $4.6 billion in debt.
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The company also secured $2.6 billion in exit financing facilities, including a $450-million revolving credit facility, as well as a $195-million letter of credit facility and more than $900 million of liquidity.
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The company, which filed for Chapter 11 protection in June, revised downward its revenue projections amid lower expectations for the US oilfield services market and oil prices.
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EP Energy is now one of at least 200 North American exploration and production companies to have filed for bankruptcy since 2015.
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Times are still financially tough for many shale operators: Sanchez Energy and Halcón Resources become the latest to file for Chapter 11 protection.
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Weatherford said it will file for bankruptcy after reaching a deal with its biggest lenders to halve its debt load and provide financing during and after the process.
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Oil prices have fallen since early October in lockstep with the plunge in 2014. But this time oil companies appear better able to deal with a tough situation.
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Two old school operators and a financial change agent embody a new era for the US onshore industry. Their CEOs convened at the NAPE Global Business Conference in Houston to explain why.
