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Tag Archives: Bankruptcy

Mine environmental risk grows with coal companies bankrupt

coal companies

CHEYENNE, Wyo. (AP) — As more coal companies file for bankruptcy, it’s increasingly likely that taxpayers will be stuck with the very high costs of preventing abandoned mines from becoming environmental disasters. The question is not if, but when, where and how many more coal mines will close as the industry declines, analysts say. Many mines already operate at a ...

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SandRidge Energy files for bankruptcy with $4.1B in debt

Oklahoma City, Sandridge Energy

OKLAHOMA CITY (AP) — SandRidge Energy filed for bankruptcy protection Monday, saying it hopes to convert $3.7 billion of long-term debt into equity while allowing the company to keep its operations going. The Oklahoma City-based company filed the Chapter 11 paperwork in the U.S. Bankruptcy Court for the Southern District of Texas. The petroleum and natural gas exploration company said ...

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Louisiana and Mississippi driller Goodrich files bankruptcy

goodrich files bankruptcy

JACKSON, Miss. (AP) — One of the oil companies most active in drilling wells in the Tuscaloosa Marine Shale formation in Mississippi and Louisiana has sought bankruptcy protection. Houston-based Goodrich Petroleum filed for Chapter 11 bankruptcy Friday after securities owners rejected swapping their holdings for common stock to lower debt payments. The company cites $99 million in assets against $507 ...

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Layoffs: Are they really the answer to your financial woes?

job cuts, layoffs, scissors

The energy industry has found itself in a time of financial hardship as oil prices have drastically dropped since the end of 2014. In order to avoid filing bankruptcy, leadership has taken a reactive step to the situation. This style of management speaks to leadership’s strategy, or lack thereof. The oil and gas industry is an industry with a cyclical ...

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Two companies continue cuts in Texas energy industry

Two Houston-based oilfield companies have announced more job cuts on the horizon for Texas. National Oilwell Varco and Cal Dive International will cut a combined 276 jobs this month, according to state regulators on Monday. Fuel Fix reported that Cal Dive, which filed for Chapter 11 bankruptcy protection in March, told the Texas Workforce Commission it is closing two facilities ...

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Alpha Natural files for Ch. 11 bankruptcy protection

BRISTOL, Va.— Alpha Natural Resources is filing for Chapter 11 bankruptcy protection, the fourth big coal producer to do so within the last two years. The company operates about 60 coal mines throughout Virginia, West Virginia, Pennsylvania, Kentucky, and Wyoming. Coal prices have plunged in recent years as utilities have switched increasingly to natural gas, partly because of price, but ...

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Hercules Offshore Files for Bankruptcy

Hercules Offshore Inc., an offshore oil field services company, will declare bankruptcy next month as part of a major financial restructuring plan to wipe out its $1.2 billion in debt. According to Reuters, in April, Hercules retired several rigs and last November, laid off 324 employees in response to dropping oil prices and decreasing demand for its shallow water drilling ...

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Gravity Midstream has high hopes for terminal

CORPUS CHRISTI — Gravity Midstream Corp. hopes to bring new life to a terminal that has been dormant since its previous owner filed bankruptcy. Officials for the Houston-based company said their new Gravity Oil Terminal at Corpus Christi, or GOTAC, will serve producers, traders and refiners of crude oil and condensates produced in the Eagle Ford Shale and Permian Basin ...

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Endeavour preparing to say goodbye to the U.K.

A Houston-based company is selling all of its assets in the United Kingdom. Endeavour International announced Monday that its North Sea assets would be put on the market, a move that comes on the heels of the company’s April sale of its U.S. assets. As Endeavour only operates in these two areas, it will be left without assets once its ...

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Bankruptcy a possibility for Samson Resources

Debt amounting to $4.2 billion may prompt one of Wyoming’s largest oil and gas producers to file for bankruptcy, the Casper Start Tribune reports. Tulsa-based Samson Resources Co. announced in March that it planned to cut 196 Wyoming employees from its 1000-person workforce and 270 company-wide. Despite the company’s efforts to offset the debt, including the sale of oilfields in ...

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