Oil Patch Bankruptcy Monitor

Transcription

HAYNES AND BOONE, LLP
OIL PATCH BANKRUPTCY
MONITOR
September 9, 2016
© 2016 Haynes and Boone, LLP
Haynes and Boone has tracked 102 North American oil and gas producers that have filed
for bankruptcy since the beginning of 2015. These bankruptcies, including Chapter 7,
Chapter 11, Chapter 15, and Canadian cases, involve approximately $67.8 billion in
cumulative secured and unsecured debt. As of September 7, 2016, 58 producers have
filed bankruptcy so far this year, representing approximately $50.4 billion in cumulative
secured and unsecured debt. Despite the recent spike in oil prices, all indications suggest
more producer bankruptcy filings will occur during 2016.
During the month of August, 3 E&P companies filed bankruptcy with cumulative debt of
approximately $367 million. Texas bankruptcy courts remain at the top of the venue
leaderboard, both in terms of the number of E&P filings and cumulative debt. Forty-six E&P
bankruptcies have been filed in Texas, representing approximately $29.7 billion in
cumulative secured and unsecured debt.
The lawyers of Haynes and Boone’s Energy and Bankruptcy practice groups are continuing
to follow industry developments. The firm has played a key role in a number of high-profile
E&P and oilfield service matters, including asset sales, refinancings, debt restructurings
and Chapter 11 cases, representing debtors, creditors, energy lenders, and private equity
investors.
Industry analysts and members of the press have referenced the Oil Patch Bankruptcy
Monitor, Oilfield Services Tracker, Oil Patch Bankruptcy Blog, and Haynes and
Boone’s Borrowing Base Survey as an indicator of the impact of market conditions on
producers’ future borrowing bases. The slides that follow include Haynes and Boone’s most
recent summary of E&P bankruptcy filings, which will be updated periodically during 2016.
OIL PATCH BANKRUPTCY MONITOR
2
2015-2016 CUMULATIVE NORTH AMERICAN E&P BANKRUPTCY FILINGS
HAYNES AND BOONE OIL PATCH BANKRUPTCY MONITOR
120
NUMBER OF FILINGS
100
80
60
40
20
0
JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
SEPT.
OCT.
NOV.
DEC.
JAN.
FEB.
MAR.
APR.
MAY
JUNE
JULY
AUG.
See pages 6-8 for a complete list of bankruptcies.
(As of September 7, 2016)
3
2015-2016 CUMULATIVE E&P UNSECURED DEBT,
SECURED DEBT AND AGGREGATE DEBT
HAYNES AND BOONE OIL PATCH BANKRUPTCY MONITOR
$80
$70
$60
BILLIONS
$50
$40
$30
$20
$10
$0
2015 Q1
2015 Q2
2015 Q3
2015 Q4
2016 Q1
2016 Q2
2016 YTD
See pages 6-8 for a complete list of bankruptcies.
4
ALABAMA – 1
ALASKA – 2
ARIZONA – 1
COLORADO – 5
LOUISIANA – 4
MASSACHUSETTS – 1
NEW YORK – 4
OKLAHOMA – 2
UTAH – 1
VIRGINIA – 1
2015-2016 E&P BANKRUPTCY
FILINGS BY LOCATION
2015-2016 E&P SECURED AND
UNSECURED DEBT BY
FILING LOCATION
ALABAMA
$212,726
ALASKA
$217,158,133
ARIZONA
$3,699,213
CANADA
$1,470,998,308
COLORADO
$259,040,111
TEXAS
46
CANADA
LOUISIANA
$422,028,207
MASSACHUSETTS
$3,578,276
OKLAHOMA
$138,654,484
17
DELAWARE
17
DELAWARE
$18,634,233,519
TEXAS
$29,748,600,906
NEW YORK
$15,356,161,169
UTAH
$252,040,449
VIRGINIA
$1,250,928,395
5
COMPLETE LIST OF NORTH AMERICAN BANKRUPTCIES 2015-2016
2015 BANKRUPTCIES
FILING DATE
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
1/3/2015
2/20/2015
3/8/2015
3/9/2015
3/17/2015
3/30/2015
4/13/2015
4/30/2015
5/8/2015
5/15/2015
5/21/2015
6/3/2015
6/18/2015
7/8/2015
7/10/2015
7/15/2015
7/15/2015
COURT
CASE NUMBER DEBTOR
W.D. Tex.
Canada
W.D. Tex.
S.D. Tex.
D. Del.
Canada
Canada
N.D. Tex.
Colo.
N.D. Tex.
Colo.
W.D. Tex.
W.D. La.
Colo.
W.D. Tex.
D. Del.
S.D.N.Y.
15-10004
18 8/3/2015
W.D. Tex.
15-70104
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
S.D. Tex.
W.D. La.
S.D. Tex.
Canada
Canada
N.D. Tex.
Canada
E.D. La.
E.D. Tex.
D. Mass
E.D. Tex.
D. Del.
Alaska
N.D. Tex.
S.D. Tex.
W.D. Tex.
D. Colo.
D. Del.
Canada
Canada
N.D. Tex.
N.D. Tex.
D. Del.
D. Del.
D. Del.
D. Del.
15-34221
15-50986
15-34287
8/6/2015
8/10/2015
8/11/2015
8/14/2015
8/25/2015
8/28/2015
8/28/2015
8/31/2015
8/31/2015
9/1/2015
9/2/2015
9/16/2015
10/1/2015
10/22/2015
10/26/2015
10/31/2015
11/5/2015
11/9/2015
11/17/2015
11/26/2015
12/7/2015
12/8/2015
12/11/2015
12/15/2015
12/17/2015
12/31/2015
TOTAL 2015
15-10336
15-60016
15-10585
15-31858
15-15073
15-41961
15-15610
15-51396
15-50748
15-17608
15-70098
15-11520
15-11835
15-33460
15-12229
15-41561
15-13441
15-41607
15-11934
15-00236
15-34245
15-35615
15-52637
15-22395
15-12263
15-44931
15-34956
15-12500
15-12533
15-12566
15-12670
Continued on next page.
SECURED
WBH ENERGY PARTNERS
IVANHOE ENERGY INC.
DUNE ENERGY INC.
BPZ RESOURCES, INC.
QUICKSILVER RESOURCES
LARICINA ENERGY
SHORELINE ENERGY*
ERG RESOURCES, LLC
AMERICAN EAGLE ENERGY CORP.
DUER WAGNER OIL & GAS
SUN RIVER ENERGY
PRIMERA ENERGY
SARATOGA RESOURCES (HARVEST OIL & GAS)
SEFTON RESOURCES**
ARABELLA PETROLEUM
MILAGRO OIL & GAS, INC.
SABINE OIL & GAS
AMERICAN STANDARD ENERGY CORP. A
DELAWARE CORP.
LUCA INTERNATIONAL GROUP LLC
SAMCO OIL, LLC
BLACK ELK ENERGY OFFSHORE
WALDRON ENERGY*
WINDFIRE RESOURCES
SABLE OPERATING COMPANY
COGI LIMITED PARTNERSHIP*
AMERICAN NATURAL ENERGY CORPORATION
ARMADA OIL INC.
BUCKINGHAM OIL INTERESTS, INC.
CONTINENTAL EXPLORATION, LLC
SAMSON RESOURCES CORPORATION
MILLER ENERGY RESOURCES, INC.
AIX ENERGY INC.
RAAM GLOBAL ENERGY COMPANY
REPUBLIC RESOURCES, LLC
ESCALERA RESOURCES CO.
PARALLEL ENERGY LP
HYPERION EXPLORATION CORP.*
SPYGLASS RESOURCES CORP.*
ENERGY & EXPLORATION PARTNERS, INC.
TRANSCOASTAL CORPORATION
CUBIC ENERGY, INC.
MAGNUM HUNTER RESOURCES CORPORATION
NEW GULF RESOURCES, LLC
SWIFT ENERGY COMPANY
UNSECURED
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
48,947,378
17,236,443
107,981,306
1,098,174,135
122,113,986
400,000,000
181,517,589
120,071,039
10,412,000
975,082
199,207,911
417,508,106
1,659,821,675
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
38,363,938
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
16,331
536,190
68,567,000
5,818,501
$667,955
13,522,258
25,480,465
3,663,925
1,265,352
2,963,267
1,692,770
1,953,122,364
192,725,976
23,097,667
304,135,336
725,845
39,575,050
163,522,337
19,369,885
129,370,633
776,515,825
21,506,821
96,550,563
419,291,753
418,000,000
324,900,000
9,428,934,657
TOTAL
3,275
60,218,069
238,571,858
976,022,953
11,261,947
17,388,040
1,624,304
12,086,524
2,171,700
1,240,160
6,226,931
6,872,097
18,225,398
655,226,617
1,201,384,671
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
48,950,653
77,454,512
107,981,306
238,571,858
2,074,197,088
133,375,933
17,388,040
401,624,304
193,604,113
122,242,739
11,652,160
7,202,013
206,080,008
18,225,398
1,072,734,723
2,861,206,346
$
136,000
$
38,499,938
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,828,437
393,315
76,166,489
601,422
3,014,954
19,047,525
1,840,992
615,009
2,646,980
2,378,653,125
22,821,741
11,733,596
10,489,384
3,306,459
5,425,931
298,112
8,158,626
412,848,397
481,150
22,558,725
680,208,903
167,722,584
908,122,422
7,948,644,822
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,844,768
929,505
144,733,489
5,818,501
1,269,377
16,537,212
25,480,465
22,711,450
3,106,344
3,578,276
4,339,750
4,331,775,489
215,547,717
34,831,263
304,135,336
11,215,229
42,881,509
168,948,268
19,667,997
137,529,259
1,189,364,222
21,987,971
119,109,288
1,099,500,656
585,722,584
1,233,022,422
17,377,579,479
*Debt information estimated from declarations or other filings; schedules not yet available.
**Involuntary chapter 7 filing; subsequently dismissed.
6
2016 BANKRUPTCIES, January - April
FILING DATE
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
1/11/2016
1/18/2016
1/25/2016
2/3/2016
2/3/2016
2/4/2016
2/17/2016
2/17/2016
2/17/2016
3/1/2016
3/8/2016
3/15/2016
3/18/2016
3/22/2016
3/24/2016
3/24/2016
3/31/2016
4/1/2016
4/4/2016
4/13/2016
4/13/2016
4/14/2016
4/15/2016
4/21/2016
4/21/2016
4/25/2016
4/29/2016
4/29/2016
4/30/2016
COURT
S.D. Tex.
S.D. Tex.
N.D. Tex.
N.D. Tex.
W.D. Okl.
S.D. Tex.
S.D. Tex.
Canada
S.D. Tex.
D. Colo.
N.D. Tex
D. Del.
D. Del.
D. Del.
E. D. La.
Canada
N. D. Tex.
W. D. Okl.
W.D. Tex.
S.D. Tex.
S.D. Tex.
S.D. Tex.
S.D. Tex.
W.D. Tex.
N.D. Tex.
Canada
S.D. Tex.
S.D.N.Y.
S.D. Tex.
CASE NUMBER DEBTOR
16-30218
16-50010
16-30308
16-30548
16-10308
16-30678
16-30822
16- 20061
16-11767
16-30988
16-10642
16-10655
16-10704
16-10661
16-41274
16-11230
16-70045
16-31895
16-31922
16-31928
16-31975
16-10472
16-31590
16-32202
16-11189
16-32237
SECURED
AURORA OPERATING, LLC
MOG PRODUCING, LP
ANTERO ENERGY PARTNERS, LLC
EMKEY RESOURCES, LLC
OSAGE EXPLORATION AND DEVELOPMENT, INC.
GINGER OIL COMPANY
PRIMROSE LA SARA, LLC
ARGENT ENERGY TRUST*
ARGENT ENERGY (U.S.) HOLDINGS, INC.*
D.J. SIMMONS, INC.
RMR OPERATING, LLC
NEW SOURCE ENERGY PARTNERS, LP
VENOCO, INC.
EMERALD OIL, INC.
WHISTLER ENERGY II, LLC
TERRA ENERGY CORP.*
7711 OPERATING COMPANY, LLC
POSTROCK ENERGY CORPORATION
BLUFF CREEK PRODUCTION, LLC
AZTEC OIL & GAS, INC.
HYDROCARB ENERGY CORPORATION
ENERGY XXI LTD
GOODRICH PETROLEUM CORPORATION
TRINITY RIVER RESOURCES, LP
PALADIN ENERGY CORPORATION
MOSAIC ENERGY LTD*
ULTRA PETROLEUM CORP.
PACIFIC EXPLORATION & PRODUCTION CORP.*
MIDSTATES PETROLEUM COMPANY, INC.
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
3,331,924
24,290,000
16,687,218
31,991,829
3,231,238
892,888
51,900,000
9,156,050
2,193,524
49,000,000
367,080,470
112,036,391
132,000,000
11,949,893
200,000
65,000,000
7,000,000
168,419
7,329,259
1,543,278,368
215,000,000
123,543,968
22,952,404
89,098,491
24,091,520
1,457,075,690
UNSECURED
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,353,103
961,648
1,164,894
5,664,547
7,472,850
3,246,485
3,430,929
153,440,000
1,746,278
1,369,121
2,176,316
915,022,838
200,077,034
60,307,243
7,877,611
332,559
34,189,806
95,740
1,329,663
5,251,609
1,206,231,587
229,221,000
10,302,822
528,752
14,066,455
3,770,773,010
5,320,000,000
673,088,846
TOTAL
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
2,353,103
4,293,572
25,454,894
22,351,765
39,464,679
6,477,723
4,323,817
153,440,000
51,900,000
10,902,328
3,562,645
51,176,316
1,282,103,308
312,113,425
192,307,243
19,827,504
532,559
99,189,806
7,095,740
1,498,082
12,580,868
2,749,509,955
444,221,000
133,846,790
23,481,156
103,164,946
3,794,864,530
5,320,000,000
2,130,164,536
Continued on next page.
7
2016 BANKRUPTCIES, May– August
FILING DATE
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
5/2/2016
5/3/2016
5/5/2016
5/9/2016
5/10/2016
5/11/2016
5/11/2016
5/12/2016
5/15/2016
5/16/2016
5/16/2016
5/18/2016
5/20/2016
5/29/2016
5/30/2016
5/31/2016
6/2/2016
6/3/2016
6/7/2016
6/13/2016
6/17/2016
6/29/2016
7/22/2016
7/26/2016
7/27/2016
7/27/2016
8/8/2016
8/11/2016
8/12/2016
TOTAL 2016
COURT
N.D. Ala.
Alaska
Canada
D. Del.
Canada
S.D. Tex.
S.D. Tex.
E.D. Va.
S.D.N.Y.
S.D. Tex.
Canada
W.D. Tex.
D. Del.
S.D. Tex.
Canada
Canada
S.D. Tex.
N.D. Tex.
Canada
D. Ariz.
D. Del.
D. Del.
S.D. Tex.
D. Utah
S.D.N.Y.
D. Del.
N.D. Tex.
D. Del.
S.D. Tex
CASE NUMBER DEBTOR
16-70740
16-00130
16-11144
16-60040
16-60041
16-32395
16-11385
16-32488
16-51148
16-11247
16-32689
16-32760
16-32188
16-06712
16-11501
16-11566
16-33645
16-26471
16-12149
16-11724
16-33174
16-11870
16-34028
TOTAL
2015-2016
SECURED
CALERA GAS, LLC
AURORA GAS LLC
ANTERRA ENERGY INC.*
CHAPARRAL ENERGY, INC.
KINWEST 2008 ENERGY INC.*
LINN ENERGY, LLC
BERRY PETROLEUM COMPANY, LLC
PENN VIRGINIA CORPORATION
BREITBURN OPERATING LP
SANDRIDGE ENERGY, INC.
CONNACHER OIL AND GAS LIMITED*
RICOCHET ENERGY, INC.
INTERVENTION ENERGY HOLDINGS, LLC
LINC USA GP
ENDURANCE ENERGY LTD.*
NORTHPOINT RESOURCES LTD.*
WARREN RESOURCES, INC.
TAUREN EXPLORATION, INC.
LGX OIL + GAS INC.*
CORE RESOURCE MANAGEMENT, INC.
MAXUS ENERGY CORPORATION
TRIANGLE USA PETROLEUM CORPORATION
ATINUM MIDCON I, LLC
III EXPLORATION II LP
ATLAS RESOURCE PARTNERS, L.P.*
HALCÓN RESOURCES CORPORATION*
RINCON ISLAND LIMITED PARTNERSHIP
BENNU TITAN LLC*
NORTHSTAR OFFSHORE GROUP LLC*
UNSECURED
TOTAL
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
7,459,323
552,090,064
21,052,808
2,946,485,996
899,374,999
112,552,820
1,854,515,625
1,830,723,814
182,783,487
4,808,861
140,465,672
408,000,000
166,833,226
17,146,398
249,536,000
554,786
23,534,032
12,677
306,493,110
265,000,000
114,792,481
690,000,000
2,282,800,000
162,255,970
180,415,445
17,790,167,138
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
212,726
1,610,416
30,462,091
1,285,956,102
410,788
3,110,261,979
869,858,242
1,138,375,575
3,962,839,198
6,429,496,050
16,917,435
4,809,931
308,584,292
106,808
236,929,365
22,027,990
1,291,087
3,686,536
194,356,918
421,652,642
149,604,192
137,247,968
667,600,000
939,600,000
22,822,091
1,114,115
32,589,587,283
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
212,726
1,610,416
37,921,414
1,838,046,166
21,463,596
6,056,747,975
1,769,233,241
1,250,928,395
5,817,354,823
8,260,219,864
199,700,922
9,618,792
140,465,672
408,000,000
475,417,518
17,253,206
486,465,365
22,582,776
24,825,119
3,699,213
194,356,918
728,145,752
414,604,192
252,040,449
1,357,600,000
3,222,400,000
185,078,061
180,415,445
1,114,115
50,379,754,421
$
27,219,101,795
$
40,538,232,105
$
67,757,333,900
8
PRIMARY CONTACTS
BANKRUPTCY
IAN PECK
Partner, Dallas
214.651.5155
[email protected]
CHARLES BECKHAM, JR.
Partner, Houston
713.547.2243
ELI COLUMBUS
Partner, Dallas
214.651.5045
[email protected]
[email protected]
MATT FERRIS
Partner, Dallas
214.651.5955
[email protected]
HENRY FLORES
Partner, Houston
713.547.2259
AUTUMN HIGHSMITH
Partner, Dallas
214.651.5135
[email protected]
[email protected]
TREVOR HOFFMANN
Partner, New York
212.659.4993
PATRICK HUGHES
Partner, Houston
713.547.2550
KENRIC KATTNER
Partner, Houston
713.547.2518
[email protected]
[email protected]
[email protected]
FRASHER MURPHY
Partner, Dallas
214.651.5246
STEPHEN PEZANOSKY
Partner, Fort Worth
817.347.6601
GEOFFREY RAICHT
Partner, New York
212.659.4966
[email protected]
[email protected]
[email protected]
ROBERT ALBERGOTTI
Senior Counsel, Dallas
214.651.5613
KELLI NORFLEET
Associate, Houston
713.547.2630
DAVID STAAB
Associate, Fort Worth
817.347.6645
[email protected]
[email protected]
[email protected]
Haynes and Boone has more than 575 lawyers, including more than 30 bankruptcy practitioners and 100 energy lawyers, landmen and
consultants, serving clients across the globe.
9
PRIMARY CONTACTS
ENERGY TRANSACTIONS
BUDDY CLARK
Partner, Houston
713.547.2077
[email protected]
GIL PORTER
Partner, New York
212.659.4965
[email protected]
JEFF NICHOLS
Partner, Houston
713.547.2052
[email protected]
BILL NELSON
Partner, Houston
713.547.2084
[email protected]
JOSEPH VILARDO
Partner, Houston
713.547.2228
[email protected]
BRIAN BARNARD
Partner, Fort Worth
817.347.6605
[email protected]
M. SCOTT HELBING
Partner, Dallas
214.651.5532
[email protected]
LAURA MARTONE
Counsel, Orange County
949.202.3065
[email protected]
Haynes and Boone has more than 575 lawyers, including more than 30 bankruptcy practitioners and 100 energy lawyers, landmen and
consultants, serving clients across the globe.
10
LOCATIONS
AUSTIN
CHICAGO
DALLAS
DENVER
FORT WORTH
600 Congress Avenue
Suite 1300
Austin, TX 78701
United States of America
180 N. LaSalle Street
Suite 2215
Chicago, IL 60601
2323 Victory Avenue
Suite 700
Dallas, TX 75219
1801 Broadway Street
Suite 800
Denver, CO 80202
301 Commerce Street
Suite 2600
Fort Worth, TX 76102
T
F
T
F
T
F
T
F
T
F
+1 512.867.8400
+1 512.867.8470
+1 312.216.1620
+1 312.216.1621
+1 214.651.5000
+1 214.651.5940
+1 303.382.6200
+1 303.382.6210
+1 817.347.6600
+1 817.347.6650
HOUSTON
LONDON
MEXICO CITY
NEW YORK
ORANGE COUNTY
1221 McKinney Street
Suite 2100
Houston, TX 77010
29 Ludgate Hill
London, EC4M 7JR
United Kingdom
Torre Esmeralda I, Blvd.
Manuel Ávila Camacho #40
Despacho 1601
Col. Lomas de Chapultepec,
DF 11000
Mexico City, Mexico
30 Rockefeller Plaza
26th Floor
New York, NY 10112
600 Anton Boulevard
Suite 700
Costa Mesa, CA 92626
T +1 212.659.7300
F +1 212.918.8989
T +1 949.202.3000
F +1 949.202.3001
T
F
+1 713.547.2000
+1 713.547.2600
T +44 (020) 8734 2800
F +44 (020) 8734 2820
T +52.55.5249.1800
F +52.55.5249.1801
PALO ALTO
RICHARDSON
SAN ANTONIO
SHANGHAI
WASHINGTON, D.C.
525 University Avenue
Suite 400
Palo Alto, CA 94301
2505 North Plano Road
Suite 4000
Richardson, TX 75082
112 East Pecan Street
Suite 1200
San Antonio, TX 78205
800 17th Street NW
Suite 500
Washington, D.C. 20006
T
F
T +1 972.739.6900
F +1 972.680.7551
T
F
Shanghai International
Finance Center, Tower 2
Unit 3620, Level 36
8 Century Avenue, Pudong
Shanghai 200120, P.R. China
+1 650.687.8800
+1 650.687.8801
+1 210.978.7000
+1 210.978.7450
T
F
+86.21.6062.6179
+86.21.6062.6347
T
F
+1 202.654.4500
+1 202.654.4501
11
This publication is for informational purposes only and is not intended to be legal advice and does not establish an attorney-client
relationship. Legal advice of any nature should be sought from legal counsel .

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