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Commercial Bankruptcy Chapter 11 Oil & Gas

Newburn Law

The Death of the Acreage Dedication?

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Acreage dedications in midstream oil and gas contracts have been subject to considerable scrutiny and legal debate in recent years. This article provides an overview of the current state of acreage dedications, examining key...more

Patterson Belknap Webb & Tyler LLP

Equitable Mootness Applied Again: The Fifth Circuit Refuses to Hear an Appeal

The Fifth Circuit recently dismissed an appeal of a confirmation order as equitably moot. The decision was based on three key factors: the appellant hadn’t obtained a stay pending appeal, the plan had been substantially...more

Jones Day

Delaware Court Holds Rejection Eliminates Non-Debtor's Exclusive Right to Provide Services to the Debtor

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Nine Point Energy Holdings, Inc. and its affiliates (collectively, "Nine Point" or "Nine Point debtors") constituted an oil and gas production and exploration company that sought to reorganize in chapter 11 through a going...more

Morgan Lewis

Assumption and Rejection of Midstream Contracts in Bankruptcy

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The ability to assume or reject executory contracts is one of the primary tools used by debtors in a Chapter 11 reorganization. Where a debtor has a contract with a third party that is “executory”—meaning that ongoing...more

Robins Kaplan LLP

Financial Daily Dose 3.4.2021 | Top Story: Google Shakes Up Digital Ad Industry by Phasing Out Web Tracking

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Digging deeper into Google’s announcement that “its ad tools would no longer support individual tracking of users across websites starting in 2022,” a move that—with the site’s previously unveiled plans  to stop supporting...more

Gray Reed

Red River Statutory Rivalry: Texas Lien Statute is Fatal to Texas Producers’ Security Interests

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The lesson from In re First River Energy LLC:  Even though Texas lien law does not require the filing of a financing statement for perfection, file one anyway. It will be helpful in the event a dispute is decided under the...more

Jones Day

Energy Sector Update: More Bankruptcy Courts Join the Fray in Dispute Over Rejection of Gas Gathering Agreements

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In a leading precedent handed down in 2018—Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC (In re Sabine Oil & Gas Corp.), 734 Fed. Appx. 64 (2d Cir. May 25, 2018)—the U.S. Court of Appeals for the Second Circuit...more

Opportune LLP

Overriding Royalty Interest: A Viable Alternative To Conventional Debt-for-equity Restructuring

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By Glenn Sniezek When an oil and gas company is over-leveraged and needs to restructure its debt, the typical option that most companies look at is converting all or a portion of its debt to equity via an in-court or...more

Robins Kaplan LLP

Financial Daily Dose 11.23.2020 | Top Story: Pandemic and Global Economy Dominate Virtual G-20 Meeting

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The G-20 held a virtual summit this weekend, and discussions about taming the pandemic and addressing “the global economic damage it has wrought dominated” the meeting....more

A&O Shearman

Additional Guidance for Drafting Dedications: Delaware Bankruptcy Court Rejects Southland Dedication

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The oil and gas industry in the United States is highly dependent upon an intricate set of agreements that allow oil and gas to be gathered from privately owned land. Historically, the dedication language in oil and gas...more

McGuireWoods LLP

New Bankruptcy Ruling Could Impact Future Midstream Contracts

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On Oct. 28, 2020, the U.S. Bankruptcy Court for the Southern District of Texas delivered a key ruling affecting: (1) purchase and sale agreements for produced gas and severed minerals; and (2) agreements with “exclusive...more

Jackson Walker

“Parties’ Words Matter” – New Houston Bankruptcy Court Decision in Chesapeake-ETC Dispute Provides Alternative Paths for...

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Over the past five years, bankruptcy courts have analyzed whether oil and gas producers’ contracts with midstream oil, gas, and produced water companies may be rejected if they create covenants running with the land. Through...more

Epiq

The Pandemic Strikes Again: Energy Sector Bankruptcies Rise

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While the airline industry has benefited from a special federal stimulus loan package tied to the impact of COVID-19, the energy industry has not been as fortunate to date. Many energy companies were distressed before the...more

Opportune LLP

Key Themes Gleaned From Recent Oil & Gas Bankruptcy Exit Financings, Lender Requirements

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As upstream oil and gas companies emerge from Chapter 11 bankruptcies, they’ll need to be mindful of exit credit facility terms and requirements that may reflect a shift from their prior experience and will likely affect...more

Opportune LLP

Oil & Gas Bankruptcies Bring Renewed Focus On Fresh-Start Valuations

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Now is the time for oil and gas companies emerging from Chapter 11 bankruptcy to adequately address their associated fresh-start reporting and valuations....more

Robins Kaplan LLP

Financial Daily Dose 6.26.2020 | Top Story: Federal Reserve Limits Bank Payouts and Suspends Share Buybacks

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The Federal Reserve has “temporarily restricted shareholder payouts by the biggest banks,” preventing stock buybacks and barring increases in dividend payments in the third quarter. ...more

Hogan Lovells

The current oil and gas environment: Buying distressed oil and gas assets

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Following the success of our three-part webinar series produced together with Houlihan Lokey in Spring 2020, we have developed reports summarizing how companies and investors can better navigate distress and insolvency in the...more

Hogan Lovells

The current oil and gas environment: Navigating restructuring and insolvency

Hogan Lovells on

Following the success of our three-part webinar series produced together with Houlihan Lokey in Spring 2020, we have developed reports summarizing how companies and investors can better navigate distress and insolvency in the...more

Opportune LLP

Creditor Income Tax Considerations in the Form of Ownership for Upstream Oil & Gas Investors

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Find out why upstream oil and gas investors should take into account income tax considerations during and after a restructuring event.  ...more

Jones Day

Oil and Gas Industry Update - Sabine Oil Not the Last Word on Treatment of Gathering Agreements in Bankruptcy

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In a leading precedent handed down in 2018—Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC (In re Sabine Oil & Gas Corp.), 734 Fed. Appx. 64 (2d Cir. May 25, 2018)—the U.S. Court of Appeals for the Second Circuit...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Look at 2019 Court Decisions That May Shape Restructuring Issues in the Year Ahead

A series of decisions over the past year — on issues such as make-whole premiums, intercreditor agreements, backstops for rights offerings and nonconsensual third-party releases — will likely have a significant impact in 2020...more

King & Spalding

Bankruptcy Court Rules that Dedications Within Gathering Agreements "Run with the Land”

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On December 20, 2019, the Bankruptcy Court for the Southern District of Texas in Alta Mesa Holdings, LP v. Kingfisher Midstream, LLC (In re Alta Mesa Resources, Inc.) held that dedications in gathering agreements create...more

Flaster Greenberg PC

Are Northern California’s Blackouts An Image Of Our Energy Future?

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Pacific Gas and Electric provided its customers in northern California with a glimpse of the future last week. Due to extremely dry conditions coupled with the prospect of strong winds, and cognizant of last year’s massive...more

Akin Gump Strauss Hauer & Feld LLP

Rundown of Recent Developments in Covenant Running with the Land Tension

Concerns Raised by Sabine - The seminal decisions in Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC provided guidance on whether midstream and transportation providers can rely on the contractual dedications...more

Gray Reed

Midstream Dedications – Colorado Bankruptcy Court Levels the Playing Field

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Until Monarch Midstream v. Badlands Energy, midstream companies facing rejection of their contracts in a producer’s bankruptcy were left with Abraham Lincoln’s least favorite negotiating option: If the both law and the facts...more

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