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Commercial Bankruptcy Energy Sector

Newburn Law

The Death of the Acreage Dedication?

Newburn Law on

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

Eversheds Sutherland (US) LLP

Fifth Circuit requires Chapter 15 debtor to litigate in Texas state court

It may be fair to say that non-US entities involved in a chapter 15 case, the mechanism through which US courts recognize foreign insolvency proceedings, do not anticipate having to litigate claims raised in the chapter 15...more

Bennett Jones LLP

Trident Exploration Corp.: Abandonment and Reclamation Obligations Retain a Super Priority Over Municipal Taxes

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The Alberta Court of King's Bench (the Court) has confirmed that the abandonment and reclamation obligations owed to the Orphan Well Association (OWA) and the Alberta Energy Regulator (AER) rank in priority to claims of...more

A&O Shearman

Gas Market Insolvencies in Great Britain: Legal, Regulatory and Insolvency Issues

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Over the past decade there has been an influx of small- and medium-sized entrants to the U.K. gas supplier market, which is supervised by Great Britain’s independent energy regulator, the Office of Gas and Electricity Markets...more

McGuireWoods LLP

More Courts Reject FERC’s Jurisdictional Claims in Battle Over Rejection of Filed-Rate Contracts in Bankruptcy

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Debtors in bankruptcy have broad authority to shed unfavorable contracts through the executory contract rejection process, subject to approval of the bankruptcy court. The Federal Energy Regulatory Commission (FERC), on the...more

Wilson Sonsini Goodrich & Rosati

Fifth Circuit Vacates FERC Orders, Reaffirming Contract Rejection Powers in Bankruptcy

On July 19, 2022, the U.S. Court of Appeals for the Fifth Circuit added to a stream of recent decisions upholding a debtor's right to "reject" regulated energy contracts in bankruptcy, even over the objection of the Federal...more

Bennett Jones LLP

Court of Appeal Clarifies Treatment of Asset Retirement Obligations

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On March 25, 2022, the Alberta Court of Appeal issued its decision in PricewaterhouseCoopers Inc v Perpetual Energy Inc, 2022 ABCA 111. Briefly, the Court held that abandonment and reclamation obligations (ARO) of oil and gas...more

Hogan Lovells

Fifth Circuit doubles down on right to reject filed-rate contracts, but with an exception

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The Fifth Circuit recently issued an opinion, Federal Energy Regulatory Commission v. Ultra Resources, Inc., in which it relied on and affirmed its prior 2004 decision — In re Mirant — and held that bankruptcy courts have the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Treatment of Midstream Agreements in Bankruptcy Remains Unsettled, but Limited Consensus May Be Emerging

Takeaways - Pipeline companies have opposed efforts by oil and gas producers to reject midstream gathering agreements in bankruptcy, claiming that the exclusive “dedication” provisions in such agreements “run with the land”...more

White & Case LLP

Recovering prices stabilize oil and gas credits

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Recovering oil prices brought much needed stability to the balance sheets of oil and gas borrowers that were on the brink of foreclosure through lockdowns, but the transition away from hydrocarbons poses an ongoing challenge...more

Hogan Lovells

Black Swan or new dawn: Why supply chain management is more important than ever

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Supply chains are increasingly vulnerable to a range of risks. In recent years businesses have focussed upon streamlining their supply base to minimise costs. They have sought to reduce inventory to free up working capital...more

Akin Gump Strauss Hauer & Feld LLP

Make (Whole) A Minute: Brazos Bankruptcy Update

Beginning on February 13, 2021, something unprecedented happened in the state of Texas—a winter storm caused temperatures to dip well-below freezing. This event, dubbed the “Black Swan Winter Event,” caused Texas to...more

Dorsey & Whitney LLP

Alternatives For Managing Distress In The Oil Patch

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According to the U.S. Energy Information Administration (EIA), the United States (U.S.) regular gasoline retail price as of the Monday before Labor Day fell to $2.22 per gallon this year, the lowest level for this time of...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

Bracing For Change: A Look Ahead To 2021

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What will the oil and gas landscape look like in 2021? Managing Director Gary Pittman discusses bankruptcy and restructuring trends and what we can expect heading into the new year....more

Opportune LLP

Q&A: Oil & Gas Bankruptcies, Restructurings & Mergers Likely To Continue In 2021

Opportune LLP on

As Murphy’s law states, “Anything that can go wrong will go wrong”. This age-old adage can be applied to what the U.S. oil and gas industry has experienced through most of 2020. The U.S. shale sector continues to reel...more

A&O Shearman

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

A&O Shearman on

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

Vinson & Elkins LLP

[Webinar] Distressed Upstream Oil and Gas Transactions - December 3rd, 12:00 pm - 1:00 pm CT

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This presentation provides a general overview of market changes that have occurred in the upstream oil and gas space in 2020. It further identifies alternative structures for acquiring or divesting distressed upstream oil and...more

Balch & Bingham LLP

[Webinar] Predicting the Unpredictable: Forecasting Growth and Consolidation in Energy/Oil & Gas - December 8th, 12:00 pm - 1:00...

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Are you positioning your business for growth or consolidation opportunities in 2021? Join Balch & Bingham’s Houston lawyers to hear their perspectives on how to plan now to achieve next year’s goals and maximize potential...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

Troutman Pepper

FERC Finds Abrogation of Gas TSAs Would Not Be in the Public Interest Ahead of Possible Bankruptcy Proceeding

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On October 28, 2020, FERC declined to abrogate or modify firm natural gas transportation service agreements (“Gulfport TSAs”) between Gulfport Energy Corporation (“Gulfport”) and Rockies Express Pipeline LLC (“Rockies...more

White & Case LLP

No let up for oil and gas borrowers

White & Case LLP on

The oil and gas sector has been one of the hardest hit by COVID-19 lockdowns and there has been little relief as restructurings rise across the industry - The oil and gas (O&G) upstream sector continues to face financing...more

Holland & Knight LLP

How Midstream Providers Must Respond to Latest Exploration and Production Bankruptcies

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As predicted in Holland & Knight's Energy and Natural Resources Blog post on March 16, 2020, "Midstream Providers Can Prepare for the Next Wave of Restructurings," the dual impact of a COVID-19 demand slump and market pricing...more

Troutman Pepper

Ninth Circuit Vacates FERC and Bankruptcy Court Orders, Avoiding Jurisdictional Dispute Over PPAs in Bankruptcy

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On October 7, 2020, the United States Court of Appeals for the Ninth Circuit (“Ninth Circuit”) vacated, as moot, two FERC orders asserting concurrent jurisdiction to review the disposition of certain Pacific Gas & Electric...more

Holland & Knight LLP

Holland & Knight's Energy and Natural Resources Quarterly Newsletter: Fall 2020

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Holland & Knight invites you to read the Fall 2020 issue of our Energy and Natural Resources Quarterly newsletter, in which our authors discuss important hot topics and developments in energy, natural resources and...more

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