While a new report from the Administrative Office of
the U.S. Courts shows a 46% decline in chapter 11 filings from 2010 to 2014,
there appears to be an uptick in energy related filings, especially by Texas-based companies.
The report from the Administrative Office shows that
chapter 11 filings decreased from 14,191 in fiscal year 2010 to 7,658 in fiscal
year 2014, a decline of 46% in just four years. A separate report from the U.S. Energy
Information Administration shows the price of West Texas Intermediate Crude
dropping from over $100 per barrel in July 2014 to just over $50 per barrel in
January 2015. While bankruptcy is
typically a lagging indicator in the economy, oil and gas related bankruptcy
filings appear to be on the rise with at least three publicly traded companies
filing this month.
I was able to locate eleven energy-related filings with aggregate
debt of $4.9 billion in the past few months. While all of the American debtors were Texas-based, they included filings in Delaware, Utah and the Southern and Western Districts of Texas. Calgary, Canada has also received two filings, including one which resulted in a Chapter 15 in the Western District of Texas.
|
Date
|
Court
|
Case
#
|
Case
Name
|
Debts
|
|
10/10/14
|
DE
|
14-12308
|
Endeavour Operating Corporation
(Houston, TX)
|
$1.2B
|
|
10/31/14
|
UT
|
14-31632
|
Marion Energy, Inc. (McKinney, TX)
|
$171M
|
|
11/9/14
|
DE
|
14-12514
|
KiOR, Inc. (Pasadena, TX)
|
$242M
|
|
1/14/15
|
Alberta, Canada
|
15001-00396
|
Gasfrac Energy Services, Inc.
(Calgary)
|
$88.7M CDN + $10M USD
|
|
1/15/15
|
WDTX
|
15-10003
|
WBH Energy, LP (Austin, TX)
|
$49M
|
|
1/15/15
|
WDTX
|
15-50161
Ch. 15
|
Gasfrac Energy Services, Inc.(Calgary)
|
$88.7M CDN + $10M USD
|
|
1/27/15
|
SDTX
|
15-60003
|
Royalty Partners, LLC (Houston, TX)
|
$1.6M
|
|
2/20/15
|
Alberta, Canada
|
25-1963517
|
Ivanhoe Energy Inc. (Calgary)
|
$103M CDN
|
|
3/3/15
|
DE
|
15-10458
|
Cal Dive International, Inc. (Houston,
TX)
|
$286M+
|
|
3/8/15
|
WDTX
|
15-10336
|
Dune Energy, Inc. (Houston, TX)
|
$105M+
|
|
3/9/15
|
SDTX
|
15-60016
|
BPZ Resources, Inc. (Houston, TX)
|
$229M+
|
|
3/17/15
|
DE
|
15-10585
|
Quicksilver Resources, Inc. (Fort
Worth, TX)
|
$2.35B
|
2 comments:
It is interesting to see how large oil companies are dealing with the decrease in oil price. I didn't think that some would file for bankruptcy. Like you stated in the article, the amount of companies that filed for bankruptcy back in 2010 as opposed to 2014 did decrease. However, with the dropping prices, there might be a shoot up of bankruptcy filings. http://www.gregdunnhi.com
The oil prices seem to be going down a lot. I wonder why this is the case. I hope to be able to find something soon. There are a lot of options to choose from. I hope prices will continue to go down. http://www.curtishatfield.net/bankruptcy-law
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