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Oil & Gas Bankruptcies Represent Billions

by Elizabeth Alford on July 20, 2016

Bankruptcies continue to plague the oil and gas industry as we enter year 2 of the downturn.

Related: My producer filed bankruptcy…now what?

Since 2015, more than three-dozen North American oilfield service companies have filed for bankruptcy involving over $5.3 billion in secured and unsecured debt, according to the Haynes and Boone law firm. The firm tracks energy industry bankruptcies in North America and recently announced that 43 producers have filed bankruptcy since January. The combined secured and unsecured debt represented in these filings is approximately $44 billion.

Oil & Gas Bankruptcies Oil & Gas Bankruptcies

Below is a list of the companies who filed this year.

  • 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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