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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

Description

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
    • 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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