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

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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.

Table of contents

    • 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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  • Document

    Surviving the cycle E&P Financial Health and the impact of Bankruptcies April 2016.pdf

    PDF 1.11 MB

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    Surviving the cycle E&P Financial Health and the impact of Bankruptcies April 2016.xls

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