A&D - Bankrupt Gavilan Resources seeks buyers for Eagle Ford JV assets - June 2020Gavilan Resources is marketing its South Texas portfolio through a Section 363 process after filing for bankruptcy protection May 15. The Blackstone Group-backed company partnered with Sanchez Energy—now also going through bankruptcy—in March 2017 to acquire what the Sanchez-operated 50:50 JV calls the Comanche assets in the western Eagle Ford from Anadarko Petroleum for $2.3 billion. Gavilan and Sanchez have been engaged in a legal dispute over operatorship of the assets during the last year....
Jun 11, 2020
CM - Chapter 11 ends the game for two Eagle Ford pure-play E&Ps - June 2020Two Eagle Ford pure-plays filed for Chapter 11 bankruptcy protection just days apart in mid-May, illustrating the plight of shale producers during current market conditions. Though one had the backing of the world’s largest private equity group and one is a unit of a thinly traded ASX-listed microcap company, both Gavilan Resources and Freedom Oil & Gas appear to be meeting the same fate, as their assets are up on the block for sale. Under Chapter 11 protection, debtors typically reorganize...
Jun 05, 2020
PS - People & Companies - June 3, 2020Abraxas Petroleum missed the deadline to file its Q1 results on May 11 and has filed for a 45 day extension with the SEC. The company’s operations have experienced disruptions because of the coronavirus, including office closures, communication issues between the company and its professional advisors and the unavailability of key personnel required to prepare financial statements. Abraxas has assets in the Williston and Permian basins. Battalion Oil board member and chairman of the...
Jun 03, 2020
CM - Oxy needs to tackle $40B debt pile, looking at various ways - May 2020Occidental Petroleum Corp. hired Moelis & Co. to help it decide how to handle its $40 billion debt load. Possible alternatives include buying back some of its nearly $35 billion in bonds at a discount through exchange offers, and CFO Robert Peterson told analysts the company may raise new cash and swap debt for stock. Oxy was counting on being able to sell $15 billion of assets to help repay investors, but eroding market conditions threw the company a curve ball and the value of its...
May 15, 2020
PS - People & Companies - April 22, 2020Amazing Energy Oil & Gas Co. named Benjamin Jacobson III CFO, effective Feb. 13, replacing Marty Dobbins, who resigned. Prior to joining Amazing Energy, Jacobson co-founded ICP, LLC, which invests in E&P companies. Amplify Energy president and CEO Ken Mariani has retired. Current CFO Martyn Willsher has been appointed interim CEO. On behalf of the board, Chris Hamm will serve as lead director. Antero Resources appointed Jacqueline C. Mutschler to its board as a Class II...
Apr 22, 2020
CM - Oxy-Icahn truce brings new directors & cuts; Chazen returns - April 2020Occidental Petroleum Corp. has yielded to the demands of its harshest critic, activist investor Carl Icahn. The Permian Basin’s largest producer announced even more sweeping spending cuts that include the deep slashing of salaries, the immediate appointment of three new directors and the amendment of a shareholder rights plan meant to act as a poison pill. The company also brought back former CEO and director Stephen Chazen as its new chairman, effective March 18. The company said it...
Apr 03, 2020
CM - People & Companies - April 3, 2020Amazing Energy Oil and Gas Co. named Benjamin Jacobson III CFO effective Feb. 13, succeeding Marty Dobbins, who resigned. Prior to joining Amazing Energy, Jacobson co-founded ICP, LLC, which invests in E&P companies. Apache Corp. appointed Clay Bretches EVP, Operations, a promotion from SVP Operations. He will also continue to serve as CEO and a director of Apache subsidiary Altus Midstream Co., which he has done for over a year. Basic Energy Services, Inc. has reconfigured its...
Apr 03, 2020
PS - People & Companies - March 30, 2020ConocoPhillips appointed David T. Seaton and Al Walker to its board. Seaton was CEO of Fluor Corp. from 2011 to 2019 and chairman from 2012 to 2019. Walker was president, CEO and director of Anadarko Petroleum from 2012 to 2019 and chairman from 2013 to 2019. Extraction Oil & Gas CEO and chairman Mark Erickson is leaving the company. Matt Owens has been appointed permanent CEO. Owen serves as president of the company and has been acting CEO of the company since last April. He...
Mar 30, 2020
PS - Apache Corp. completes restructuring of management
- March 2020In October, Apache Corp. kicked off a comprehensive redesign of its organizational structure in order to better align its operations and cost structure with long-term planned activity levels. Centralized teams have been created for operations, development and exploration. Clay Bretches has been appointed EVP of operations and will continue to serve as CEO and president of Altus Midstream. David Pursell was named EVP of development, and a search is underway for the EVP of exploration. The three...
Mar 30, 2020
A&D - People & Companies - March 19, 2020Apache named Clay Bretches operations EVP and David Pursell development EVP. The leader of exploration will be named following the completion of an ongoing search. Bretches will continue to serve in his role as CEO and president of Apache subsidiary Altus Midstream. All three will report directly to Apache president and CEO John J. Christmann IV. Brigham Minerals appointed a new independent director, Carrie Clark, to the board, effective immediately. She will serve on the audit...
Mar 19, 2020
PS - People & Companies - February 17, 2020Berry Petroleum appointed Danielle Hunter as EVP, general counsel and corporate secretary. Hunter most recently served as EVP, general counsel, corporate secretary and chief risk and compliance officer at C&J Energy Services. BP’s CFO Brian Gilvary is retiring after 34 years with the company. He will step down June 30. Murray Auchincloss, current CFO of the upstream division, will be his replacement. Newly formed E&P firm Eagle Mountain Energy Partners has entered a partnership...
Feb 17, 2020
A&D - People & Companies - February 6, 2020Cimarex Energy announced EVP and COO Joe Albi will retire July 1. He has been with the company since its formation in 2002, having joined Key Production Co. at its outset in 1994. Key was transformed into Cimarex through a merger with Helmerich & Payne’s exploration and production business in 2002. Earthstone Energy president Robert J. Anderson will be appointed CEO, effective April 1. Current chairman and CEO Frank A. Lodzinkski will be appointed executive chairman on the same day....
Feb 06, 2020
CM - Industry raises $106B in 2019 as bond offerings rise - January 2020Enverus’ Capitalize platform tracked an aggregate $105.9 billion raised through equity and debt offerings during 2019, essentially unchanged from the $106.8 billion raised during 2018. The less-than-1% divergence between the two years, after a 20% decline from 2017’s $133 billion to the 2018 figure, may suggest that investor confidence has not retreated any further from the industry and, in fact, may have crept up during 2019. The biggest fundraising event of the year, Occidental Petroleum’s...
Jan 31, 2020
A&D - Judge rejects BCE-Mach’s $310MM Alta Mesa-Kingfisher bid - January 2020A federal judge rejected a combined $310 million joint stalking-horse bid for the assets of Alta Mesa Resources and subsidiary Kingfisher Midstream from BCE-Mach III. The decision comes after Kingfisher filed for Chapter 11 protection on Jan. 12, several months after parent Alta Mesa’s Sept. 11 filing, and the cases were bundled in joint administration. Judge Marvin Isgur rejected a $224.75 million stalking-horse offer made by BCE-Mach III, a JV of Bayou City Energy Management and Mach...
Jan 16, 2020
A&D - News Briefs - June 12, 2020CH4 Energy, backed by NGP Energy Capital Management, is shopping operated Delaware Basin assets in Reeves County, Texas. The offering covers 1,317 net acres (1,328 gross), which include two undeveloped sections with strong offset production and three-year lease terms. There are 22 operated wells, 16 shallow producers and three injector and disposal wells; and three productive horizons, Third Bone Spring, Wolfcamp A and Wolfcamp B—plus emerging First Bone Spring potential being tested in the...
Jun 12, 2020