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Surviving the cycle: E&P financial health and the impact of bankruptcies

Surviving the cycle: E&P financial health and the impact of bankruptcies

Report summary

Oil and gas price weakness has resulted in 45 E&Ps filing for Chapter 11 in the US since early 2015. For many of these companies, the writing was on the wall – assets and /or business models were structurally flawed or the timing and magnitude of spend catastrophic. More E&Ps will go bankrupt in 2016, including some larger players. But we do not expect the phenomenon to be widespread. Nor do we anticipate a material impact on US production. In this report we investigate the impact of bankruptcies so far; assess the financial health of the US E&P sector and provide a primer on the Chapter 11 process.

What's included?

This report includes 2 file(s)

  • Surviving the cycle E&P Financial Health and the impact of Bankruptcies April 2016.pdf PDF - 1.11 MB
  • Surviving the cycle E&P Financial Health and the impact of Bankruptcies April 2016.xls XLS - 485.00 KB


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Key messages
    • Bankruptcies to date and corporate financial health analysis
      • Analysis of North American E&P bankruptcies so far
      • Charts and graphs introducing our Wood Mackenzie Financial Health Index
    • The Chapter 11 process
      • A roadmap of financial distress in the US
      • Examination of the advantages of filing for Chapter 11 versus an out-of-court workout
      • Overview of the legal process during a traditional Chapter 11 case
      • Snapshot of the priority of claims post-emergence
    • Swift Energy - a case study on the bankruptcy process
      • In depth analysis of Swift's position both before and after filing for Chapter 11 protection
    • Glossary of Terms
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Wood Mackenzie, a Verisk Analytics business, has been a trusted source of commercial intelligence for the world's natural resources sector for more than 40 years, empowering clients to make better strategic decisions with objective analysis and advice.

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