CM - Oil in the time of coronavirus - April 2020US oil production has been holding at near record highs even as demand for gasoline falls, but it’s coming under pressure to tap the breaks on pumping out high volumes that are helping to bring prices down to historic lows and pushing cash-strapped companies to bankruptcy. Whiting Petroleum (PG.1) is the first high-profile shale producer to file a petition in what analysts believe may be a new parade of Chapter 11 filings. Oil executives themselves have asked the Texas Railroad Commission to...
Apr 03, 2020
CM - Goodrich depending on Haynesville to be economical & productive - April 2020Goodrich Petroleum Corp. reduced its preliminary 2020 capex budget by $15 million to the $40-50 million range, allocating most of the budget to drilling and completing core Haynesville shale wells in the Bethany-Longstreet area of Caddo and DeSoto parishes, Louisiana. It expects to produce 5-7% more output YOY for an average 137-142 MMcfe/d (99% gas). At midpoint of its new guidance, Goodrich estimates free cash flow yield of about 13% of its current enterprise value and 40% of current market...
Apr 03, 2020
Goodrich spending up to $100MM in Haynesville this yearGoodrich Petroleum Corp. announced 2019 capital expenditures in the $90-100 million range, a reduction of nearly $40 million from its 2018 capex. However, thanks to the outperformance of its Haynesville wells relative to its type curves, the company said this capex reduction will not impact its previously announced 2019 production guidance, which it maintained at 49.3-52.9 Bcfe, or an average 135-145 MMcfe/d. That’s an increase of 90-105% over 2018 levels. About 98% of Goodrich’s 2019 output...
Jan 04, 2019
Goodrich’s new $250MM facility a substantial increaseGoodrich Petroleum Corp. entered into a $250 million senior secured revolving credit facility on Oct. 18. The facility has an initial borrowing base of $40 million with customary terms and conditions that include a semi-annual borrowing base redetermination. The company had $31.1 million in cash on hand as of Sept. 30 and currently has $23.3 million available under the facility. Lead arrangers were JP Morgan Chase, SunTrust Bank and SunTrust Robinson Humphrey. Goodrich’s previous...
Nov 06, 2017
People & Companies - August 1, 2017Chevron Phillips Chemical Co. said EVP, Commercial Mark Lashier will succeed outgoing president and CEO Peter Cella, who retires Aug. 1. Lashier has almost 30 years of experience in the chemicals industry, starting as an engineer with Phillips Petroleum, now Phillips 66, and running its olefins business. Ever since Phillips combined its chemical business with Chevron in 2000, he has held positions of increasing responsibility. ConocoPhillips elected Sharmila Mulligan to its board of...
Aug 01, 2017
People & Companies - April 26, 2017Bonanza Creek’s reorganization plan has been confirmed three months after filing for Chapter 11 protection. The Rockies producer expects to emerge from bankruptcy by the end of April. Camber Energy said J. Fred Hofheinz has resigned from its board. The company has no immediate plan to fill the seat. Permian-focused Centennial Resource Development hired Brent Jensen as VP and chief accounting officer to replace Jamie Wheat, who resigned effective March 24 but will remain with the...
Apr 26, 2017
Goodrich back on NYSEGoodrich Petroleum Corp. moved back to the NYSE on April 11. Its common stock had been trading on the OTCQX market ever since it was delisted from NYSE in January 2016. The company filed for bankruptcy in April of last year and emerged in October. President Robert C. Turnham called the relisting “an important corporate milestone.” Goodrich plans to spend $40-50 million this year to drill three to five net wells (9-13...
Apr 19, 2017
CM - Debt & Credit Briefs - May 15, 2020Battalion Oil Corp. and lender BMO amended the company’s revolving credit facility to reduce the borrowing base to $200 million on April 30. The borrowing base will be further reduced by $5 million each month from Sept. 1 to Nov. 1, the company reported. CEO Richard Little said Battalion has substantial liquidity from its hedge portfolio and was “well positioned to preserve our strength for the future.” Chaparral Energy’s reserve-based lending facility was decreased to $175 million from...
May 15, 2020
People Briefs - August 24, 2017Cabot Oil & Gas Corp. elected Amanda M. Brock and Marcus A. Watts to its board of directors, bringing the total number of directors to eight, seven of whom are independent. Brock is CEO of water treatment company Water Standard and works with Solaris Midstream. Watts is President of The Friedkin Group, a company with various business lines related to the automotive industry. Chevron Phillips Chemical Co. said EVP, Commercial Mark Lashier will succeed outgoing president and...
Aug 24, 2017
A&D News Briefs - June 14, 2017Alpha Natural Resources has sold all of the assets of two separate operations, the Green Valley coal mining complex and the New River Energy natural gas operation, both located in central West Virginia. Kinzer Drilling is acquiring the natural gas operation, which includes 120 producing gas wells in five counties. Quinwood Coal Company is the buyer of the mining assets in Nicholas and Greenbrier Cos., which include the Number 1 preparation plant and related permits that have been idled since...
Jun 13, 2017
People & Companies Briefs - March 30, 2016American Energy–Permian Basin LLC and its parent American Energy Permian Holdings LLC changed their names to Permian Resources LLC and Permian Resources Holdings LLC, the companies announced March 23. Jeffrey L. Mobley was appointed as interim CEO in addition to his role as CFO on Feb. 26. J. Jay Stratton Jr. was appointed as COO from his previous role as VP of operations. Mobley said the separation of Permian Resources into a separate, standalone company was a key objective since the company’s...
Mar 30, 2016
People & Companies Briefs - March 23, 2016Chevron named Mark A. Nelson, the president of its International Products unit, to replace Joseph M. Naylor as corporate strategic planning VP effective April 1. Naylor was named policy government and public affairs VP in February. In his new role, Nelson will set the supermajor’s strategic direction, allocate capital and determine performance measures and targets. He joined Chevron in 1985.Gulf of Mexico and West Africa explorer Cobalt International Energy announced that EVP and COO...
Mar 23, 2016
People Briefs - March 9, 2016• Bill Barrett announced that CFO Bob Howard will resign May 1, and finance and marketing VP William M. Crawford will become treasury and finance SVP. Accounting SVP David R. Macosko will continue to be the company’s principal accounting officer. • Executive chairman of California Resources Corp. William Albrecht will transition to non-executive chairman in May, after the adequate amount of time he believed the company needed to transition to a standalone company following its 2014...
Mar 09, 2016
People & Companies Briefs - March 04, 2016• As part of a broad workforce reorganization, Denver-based Bill Barrett announced that Bob Howard will leave the company May 1 after nine years as CFO and finance and marketing VP William M. Crawford is being promoted to treasury and finance SVP. Accounting SVP David R. Macosko will continue to be the company’s principal accounting officer.• California Resources Corp. announced that William Albrecht will transition from executive to non-executive chairman in May. Albrecht said his...
Mar 04, 2016
People Briefs - November 10, 2015Atlas Energy Group and Atlas Resource Partners named Matthew Finkbeiner as CAO. He replaces Jeffrey M. Slotterback, who was appointed CFO of both companies in mid-September. Finkbeiner joins from Deloitte & Touche, where he has worked since 2002 in multiple positions including audit senior manager. Concho Resources announced a series of management changes. New Mexico VP Gayle Burleson was named business development VP; she joined the company in 2006 and has served as engineering VP...
Nov 10, 2015