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Surviving the cycle: E&P financial health and the impact of bankruptcies – Q1 2016 update

Surviving the cycle: E&P financial health and the impact of bankruptcies – Q1 2016 update

Report summary

Much has changed in US E&P bankruptcy terms since our initial note in mid-April 2016. Total US E&P debt impacted by bankruptcy has more than trebled to US$52 billion and output from companies in Chapter 11 has increased to 1 million boe/d (from US$16 billion and 250,000 boe/d two months ago). The bulk of the carnage could be behind us if oil prices stabilise at US$50/bbl or higher. There will be more filings in 2016, but most of those (particularly those of scale) are already in process. Ironically, companies which escape bankruptcy may actually face the greatest challenge – de-leveraging and growing the hard way. It could take years to right-size some balance sheets.

What's included?

This report includes 2 file(s)

  • Surviving the cycle E&P Financial Health and the impact of Bankruptcies June 2016.pdf PDF - 1.12 MB
  • WM Financial Health Index.xls XLS - 463.00 KB


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  • 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
    • Case studies: six bankruptcies in progress
      • A summary of three success stories and three bankruptcy battles
    • 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
    • Glossary of Terms
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