Energy Bankruptcy Reports | Haynes and Boone, LLP

Haynes and Boone Oil Patch Bankruptcy Monitor Shows Rise in E&P Chapter 11 Filings Totaling about $13 Billion in Debt



Original release from 11/19/2015 - 

Lawyers in the Haynes and Boone, LLP Bankruptcy and Energy practices have released their first Oil Patch Bankruptcy Monitor, which details a rising tide of 2015 exploration and production company Chapter 11 filings totaling about $13 billion in cumulative secured and unsecured debt.

The report contains a list of North American E&P filings, breaking them down by filing location and by amount of secured and unsecured debt by location. Texas leads North America in all filings with 16, while Delaware has been the venue with most bankruptcy filings by amount of debt with a total of $7.9 billion.

“So far this year, our firm has been engaged in more than three dozen energy industry out-of-court workouts or Chapter 11 bankruptcy cases,” said Ian Peck, chair of the firm's Bankruptcy and Business Restructuring Section. “We expect our involvement will continue to expand as we advise clients in connection with additional energy restructuring matters that arise throughout the end of the year and into 2016.”

Added Buddy Clark, head of the Haynes and Boone Energy Practice Group: “Even though we have one of the largest restructuring practices in the U.S. with more than 30 bankruptcy lawyers overall, including 12 in Houston, we are expecting to increase these numbers by drawing from the firm’s lawyers in other sections affected by the downturn, especially our energy and finance practice groups. Activity is ramping up rapidly.”

With the slump in commodity prices persisting into this fall, lawyers are closely following recent industry developments. Dozens of North American oil and gas producers have commenced Chapter 11 bankruptcy cases this year, including most recently, Escalara Resources Co., RAAM Global Energy Company, and Miller Energy Resources, Inc. Haynes and Boone plans on periodically updating the Monitor to help industry participants and clients keep pace with the dynamic changes in the energy industry.

The release of the Monitor comes on the heels of the firm’s highly cited spring and fall Borrowing Base Redeterminations Survey. The fall edition of the survey showed that, as a result of slumping oil prices, key players in oil and gas financing were predicting a decrease in the ability to borrow against reserves by an average of 39 percent. Another survey will be released in mid-January in advance of next spring’s redetermination season.

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Updated Reports

Energy Survey update

Energy Bankruptcy Reports and Surveys

Oil Patch Bankruptcy Monitor: details on oil and gas producers that have filed for bankruptcy since the beginning of 2015. Updated October 31, 2017.

Oilfield Services Bankruptcy Tracker: details on oilfield services companies that have filed for bankruptcy since the beginning of 2015. Updated October 31, 2017.

Midstream Report: details on the midstream companies that have filed for bankruptcy since 2015. Updated October 31, 2017.

Borrowing Base Redeterminations Survey: details on what lenders, borrowers and others in the energy industry expect regarding the borrowing base redeterminations in light of oil price uncertainty - Updated October 04, 2017.

E&P Top 10 Bankruptcy Cases: includes a list of the top 10 oil and gas bankruptcy cases since the beginning of 2015. Updated April 18, 2016.

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