CM - Energy Spectrum closes its Fund VIII at nearly $1B - June 2020Energy Spectrum Capital closed its Energy Spectrum Partners VIII fund on May 8 with capital commitments of $969 million. Fund VIII will invest mostly in midstream assets, including gathering and transportation systems, processing and treating plants and storage facilities. Dallas-based Energy Spectrum said Fund VIII attracted a total of 82 limited partners. Its previous investment platform, Fund VII, closed at $1.225 billion in 2014. Fund VIII has already made commitments to four new...
Jun 05, 2020
MI - Energy infrastructure investment still allures as new funds close - May 2020Investing in the movement of hydrocarbons has become a tried-and-true solutionoriented way to generate good returns and help meet demand for energy, which will eventually rise again. Two private equity groups announced the closing of their funds to new investment this month, and Mexico is about to launch its biggest push ever to gain private investment for energy infrastructure. EIG Global Energy Partners closed its Global Project Fund V to new investment at $1.1 billion, or 50% higher...
May 27, 2020
CM - Amazing files petition for bankruptcy protection for subs - April 2020Amazing Energy Oil & Gas filed for Chapter 11 bankruptcy protection for three of its subsidiaries on April 6 in a Mississippi federal court. The subs—Amazing Energy, LLC, Amazing Energy Holdings and Amazing Energy MS—are the entities that own and operate the company’s holdings in Texas, New Mexico and Mississippi. At the end of January, Amazing reported total debt of $7.2 million and $79,000 in cash and equivalents. Its debt consisted of about $3.0 million in short-term notes...
Apr 24, 2020
CM - Cypress nixing the energy in name to solve identity crisis - March 2020Effective March 16, Cypress Energy Partners, LP becomes Cypress Environmental Partners, LP to help, as the company stated, “eliminate confusion that the ‘energy’ name created with prospective customers.” Chairman and CEO Peter C. Boylan III explained, “Last fall, one of our investors suggested that our current name is confusing, because we have never been a fossil fuel or oilfield services company and suggested that we change our name.” The Tulsa-based MLP’s units will retain the same ticker...
Mar 13, 2020
CM - Parsley refinances $400MM via private placement of 2028 notes - February 2020Parsley Energy, LLC sold $400 million aggregate principal amount of 4.125% senior unsecured notes due 2028 through its subsidiaries Parsley Energy, Inc. and Parsley Finance Corp. The notes were sold at 100 through a private placement arranged by Morgan Stanley that closed Feb. 11. The company expects $395.1 million in net proceeds, which together with revolving credit facility borrowings will be used to redeem all $400 million outstanding of its 6.25% senior unsecured notes due...
Feb 21, 2020
OFS - Superior ups debt exchange offer in advance of Forbes deal
- February 2020Superior Energy Services and its subsidiary SESI agreed to increase an exchange offer that could reduce the amount of Superior’s debt maturing in 2021 from $800 million to $150 million. The exchange is part of Superior’s merger of its US services business with Forbes Energy Services. SESI will issue up to $635 million in newly issued 7.125% senior notes due 2021 for old notes with the same terms. The difference is it will offer $1,000 in principal of new notes for each $1,000 in old...
Feb 04, 2020
CM - People & Companies - November 15, 20193Bear Energy, LLC named Craig Harris CEO to succeed founder Bob Clark, who will remain as chairman of the board. Harris is former EVP and COO of Enable Midstream Partners, and has held various managerial roles at Columbia Pipeline Group, Ni Source, and El Paso Corp. Antero Resources Corp. elected Vicky Sutil and Tom Tyree as Class III and Class I directors, respectively. Sutil was VP of commercial analysis for a California Resources Corp. marketing unit and also worked with Occidental...
Nov 15, 2019
CM - Bankruptcies: Halcón emerges again; EP Energy goes in - October 2019Halcón Resources emerged from Chapter 11 bankruptcy protection on Oct. 8 about $800 million lighter and with a new $750 million senior secured reserve-based revolving credit facility that features an initial $275 million borrowing base. It is the company’s second time through the process within three years, having shed $1.8 billion in debt in 2016. Halcón said its newly reduced debt load will also decrease annual interest expenses by over $40 million. Post-emergence, the company has $147...
Oct 25, 2019
A&D - News Briefs - February 27, 2020Permian pure-play Diamondback Energy announced Feb. 18 that it acquired operated Midland Basin and Delaware Basin acreage in Texas in Q4 as part of an asset swap with an undisclosed company. In exchange, Diamondback sold operated Delaware acreage in Lea County, New Mexico. The company holds a total of 350,000 net acres in the Midland and Delaware, with 12,300 gross horizontal locations. Q4 oil production was 195,000 bo/d, up 5% sequentially. The company’s oil production guidance is...
Feb 27, 2020
CM - Oilfield Services Briefs - December 13, 2019Basic Energy Services announced its common shares began trading on the OTCQX Best Market tier under the symbol BASX on Dec. 2. Basic’s stock was delisted from the NYSE for non-compliance with a requirement to maintain an average global market capitalization of at least $15 million over a consecutive 30 trading-day period. The company said it would not appeal the NYSE decision. Gates Industrial Corp. announced that its Gates Global LLC subsidiary issued $568 million aggregate principal...
Dec 13, 2019
OFS - News Briefs - October 29, 2019Abnormal Load Engineering Ltd. won a contract from Subsea 7 for a major steel catenary riser and umbilical pull-in. The work covers engineering, procurement, fabrication and offshore pull-in operations, which will begin in 1Q20. Operations will be performed at the Mississippi Canyon area on an existing production facility south of New Orleans in 1,900 meters of water and will involve pulling dynamic loads of up to 335 tons. Bison, Oklahoma’s largest water infrastructure and logistics...
Oct 29, 2019
CS - News Briefs - October 23, 2019Alvopetro Energy Ltd. entered into a US$15 million, three-year credit agreement with Cordiant Capital payable at 9.5% p.a. The company can draw up to US$13 million of the facility, with the rest accessible upon the first sale from its Caburé gas development in Brazil. Alvopetro will grant to Cordiant 8,057,868 warrants exercisable for one common share at US$0.60 through Sept. 20, 2022. Funds drawn will be repaid at maturity or after the first anniversary at the company’s option....
Oct 23, 2019
OFS - Finance Briefs - September 17, 2019NYSE sent a deficiency notice to Hornbeck Offshore Services in late August as it share price remained below a $1.00 for 30 consecutive trading days. The offshore support vessel supplier has six months to boost its stock price or it will be delisted. The Louisiana-based company intends to tell NYSE that it intends to cure the deficiency. HOS shares have closed below $1 on every day but one since July 25. Mitcham Industries, Inc., which provides marine seismic technology and equipment...
Sep 17, 2019
CM - Midstream Briefs - August 26, 2019A receivables subsidiary of DCP Midstream LP amended a $200 million receivables securitization facility with sole lender PNC Bank to extend the termination date to Aug. 12, 2022. DCP Receivables LLC is a bankruptcy-remote special purpose entity that is an indirect wholly owned subsidiary of the partnership. As of June 30, DCP had $1,385 million, net of $15 million of letters of credit, available under its credit facility, which matures in December 2022. Dorian LPG Ltd., which announced...
Aug 26, 2019
CM - Upstream Briefs - August 02, 2019Approach Resources and its lenders
extended a forbearance agreement expiring
July 22 to Aug. 21. During that period,
creditors will continue to forbear from
exercising rights under the
company’s credit agreement
related to events of default stemming from
falling out of compliance with certain ratio
covenants, including EBITDAX to interest
expense, total leverage and consolidated
current assets to consolidated current
liabilities. At the end of Q1, Approach’s
current portion of long-term debt...
Aug 02, 2019