Texas Oil & Gas Bankruptcies Lead Pack

43 Filings Recorded for 2015-2016
Oil & Gad Bankruptcies 2015-16

Oil & Gad Bankruptcies 2015-16 | click to enlarge

Texas leads the country in oil and gas bankruptcies for 2015 and 2016.

Related: Goodrich Petroleum Files for Chapter 11

The law firm of Haynes and Boone has tracked energy industry bankruptcies in North America since 2015. The firm recently issued its latest report announcing that there have been 43 producers who have filed bankruptcy since January. The combined secured and unsecured debt represented in these filings is approximately $44 billion.

 HaynesBoon blog:”More than three-dozen North American oilfield service companies commenced Chapter 7, Chapter 11 and Canadian bankruptcy cases in 2015 involving over $5.3 billion in cumulative secured and unsecured debt. As of June, 2016, 43 oilfield service companies have filed bankruptcy so far this year, totaling over $3.9 billion in cumulative debt.”

Texas has been hit specifically hard, with more that half (25) of the 2016 filing being initiated in Texas courts. The combined total Texas bankruptcy filings for 2015-16 is 43, representing approximately $29 billion in cumulative debt.

Analysts believe that the carnage isn’t over and that the industry will see more filings throughout 2016.

Below is a list of the companies who filed since 2016.

  • January
    • Aurora Operating LLC (Southern); $2.35 million
    • MOG Producing LP (Southern); $4.29 million
    • Antero Energy Partners LLC (Northern); $25.45 million
  • February
    • Emkey Resources LLC (Northern); $22.35 million
    • Ginger Oil Co. (Southern); $6.47 million
    • Argent Energy U.S. Holdings Inc. (Southern); $51.9 million
    • Primrose La Sara LLC (Southern); $4.3 million
    • DRM Sales & Supply LLC (Western); $19.18 million
  • March
    • GreenHunter Resources Inc. (Northern); $23.7 million
    • Universal Well Service Holdings Inc. (Northern); $25.15 million
    • Wellhead Distributors International (Southern); $31.7 million
    • RMR Operating LLC (Northern); $3.5 million
    • ESP Petrochemicals Inc. (Southern); $7.4 million
    • Wellflex Energy Solutions LLC (Northern); $3.9 million
    • DJ Oilfield Sevices LLC (Northern); $3.01 million
    • East African Drilling Ltd. (Southern); $45.35 million
    • Crossfire Manufacturing LLC (Northern); $653,600
    • 7711 Operating Company LLC (Northern); $532,500
  • April
    • ATK Oilfield Transportation Inc. (Western); $34.9 million
    • Sanjel Inc. (Western); $1.1 billion
    • Bluff Creek Production LLC (Western); $7.09 million
    • Hydrocarb Energy Corp. (Southern); $12.5 million
    • Aztec Oil & Gas Inc. (Southern); $1.5 million
    • Energy XXI Ltd. (Southern); $2.75 billion
    • DiamoNorthern District Tank Rental Inc. (Northern); $8.92 million
    • Goodrich Petroleum Corp. (Southern); $444.2 million
    • FPUSA LLC (Eastern); $2.3 million
    • Paladin Energy Corp. (Northern); $23.48 million
    • Trinity River Resources LP (Western); $133.8 million
    • West Texas Poly Pump LLC (Western); $3.7 million
    • Ultra Petroleum Corp. (Southern); $3.9 billion
    • Midstates Petroleum Company Inc. (Southern); $2.045 billion

Has your oil & gas producer filed bankruptcy? Learn how to protect yourself

  • May
    • CaNorthern Districtescent Well Service LLC (Western); $0
    • *Linn Energy LLC (Southern); $5.962 billion
    • *Berry Petroleum Company LLC (Southern); $1.733 billion
    • J P S Completion Fluids Inc. (Western); $4.49 million
    • SandRidge Energy Inc. (Southern); $4.19 billion
    • Hawk Oilfield Service Inc. (Southern); $1.2 million
    • Tall City Well Service LP (Western); $14.4 million
    • Ricochet Energy Inc. (Western); $11.35 million
    • Armada Water Assets Inc./Wes-Tex Vacuum Service Inc. (Southern); $24.9 million
    • Mark A. Martinez LLC (Southern); $0
    • Linc USA GP (Southern); $414.35 million
  • June
    • Warren Resources Inc. (Southern); $486.3 million

Read more at HaynesBoone.com

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Elizabeth Alford

Elizabeth Alford

Elizabeth Alford writes on significant news developments in the Eagle Ford oil and gas play taking place across South TX. She is a freelance writer with an extensive communications, PR, and staff writing background.
Elizabeth Alford

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