News & Analysis as of

Sabine Oil and Gas

Time Is Money: Historical Strip Prices and Valuation in Oil & Gas Bankruptcies

by WilmerHale on

Timing is key to valuation of all types and in all contexts. But in bankruptcy, valuation timing can take on heightened importance because a central element of bankruptcy involves distributing value as of a specific point in...more

Oil and Gas Industry Update: District Court Upholds Rejection of Sabine Gas Gathering Agreements

by Jones Day on

In a highly anticipated decision—HPIP Gonzales Holdings, LLC v. Sabine Oil & Gas Corp. (In re Sabine Oil & Gas Corp.), 2017 BL 83510 (S.D.N.Y. Mar. 9, 2017)—Judge Jed S. Rakoff of the U.S. District Court for the Southern...more

The Texas Supreme Court Opens the Door for More Oilfield Contamination Lawsuits

by King & Spalding on

On April 28, 2017, the Texas Supreme Court held that landowners have a clear path to the courthouse to pursue claims against oil companies for oilfield contamination. Forrest Oil Corp., n/k/a Sabine Oil & Gas v. El Rucio...more

District Court Upholds Bankruptcy Court’s Ruling on Rejection of Gathering Agreements

by King & Spalding on

On March 10, 2017, the United States District Court for the Southern District of New York (the“Court”) affirmed on appeal a bankruptcy court’s prior decision in In re Sabine Oil & Gas Corp. that permitted a debtor to reject a...more

SDNY District Court Upholds Rejection of Mineral Gathering Agreements

by LeClairRyan on

The U.S. District Court for the Southern District of New York, in the case of HPIP Gonzalez Holding, LLC v. Sabine Oil & Gas Corp. (In re Sabine Oil & Gas Corp.), recently affirmed three decisions of the U.S. Bankruptcy Court...more

Sabine: The Next Episode

by Bryan Cave on

On June 16, 2016, The Bankruptcy Cave gave you our previous summary of the controversial Sabine decision. When Bankruptcy Judge Chapman determined there was no reason to expedite review of her decisions in the case, we...more

Rejecting Midstream Agreements in Bankruptcy – the Journey Continues

by Gray Reed & McGraw on

One of the hottest issues from 2016 was whether an E&P debtor can reject, under section 365 of the Bankruptcy Code, an above-market midstream contract. Given the potential for a “no-win” situation, in all but one case where...more

District Court Upholds Controversial Bankruptcy Decision in Sabine

On March 10, 2017, the U.S. District Court for the Southern District of New York issued a Memorandum Order, in which it affirmed a controversial bankruptcy court ruling. The district court agreed with the bankruptcy court...more

District Court Upholds Bankruptcy Court’s Ruling on Rejection of Gathering Agreements

by King & Spalding on

On March 10, 2017, the United States District Court for the Southern District of New York (the “Court”) affirmed on appeal a bankruptcy court’s prior decision in In re Sabine Oil & Gas Corp. that permitted a debtor to reject...more

DC Circuit Denies Sierra Club Appeal of FERC Authorization of Two LNG Facilities

by Shearman & Sterling LLP on

Since 2012, the major opponent of new large-scale liquefied natural gas (LNG) export projects has been the Sierra Club. The Sierra Club has adopted a two-pronged approach in its opposition to LNG exports projects, opposing...more

Bankruptcy and Midstream Contracts: Contract Parties Push Back

by King & Spalding on

In previous Energy newsletters, we have addressed one of the current hot topics in E&P bankruptcy cases – rejection of midstream contracts and declaratory relief that the “dedications” contained in those agreements are not...more

Drilling Deeper: The Intersection of Producer Bankruptcies and Gathering Agreements

by Pepper Hamilton LLP on

The issue of whether gathering agreements are subject to rejection in bankruptcy as executory contracts and whether certain provisions of those agreements run with the land and survive rejection will impact ongoing bankruptcy...more

Midstream Contracts Remain in Doubt in Bankruptcy

by King & Spalding on

By now, both producers and midstream companies are aware of the Bankruptcy Court decisions in the Sabine bankruptcy proceedings (i) rejecting the gas gathering agreements as executory contracts and (ii) determining that the...more

Sabine Lives On (and On): Bankruptcy Court Rejects Immediate Appeal to Second Circuit and Motion for Stay

by Bryan Cave on

On June 16, 2016, The Bankruptcy Cave gave you our summary of the controversial Sabine decision. At that time, post-hearing motions were pending. As luck would have it (we at The Bankruptcy Cave should start wagering on...more

D.C. Circuit Upholds FERC’s NEPA Analysis in Sabine Pass and Freeport LNG Projects

On June 28, 2016, the U.S. Court of Appeals for the District of Columbia Circuit rejected two related challenges to the Federal Energy Regulatory Commission’s environmental review of the Sabine Pass LNG and Freeport LNG...more

Sabine – A New York Bankruptcy Judge’s Interpretation of Texas Property Law Encourages Compromise and Leaves an Industry in Limbo

by Bryan Cave on

On March 9, 2016, Bankruptcy Judge Shelley Chapman of the Southern District of New York issued her decision on the Debtor’s motion to reject certain contracts in Sabine Oil & Gas Corporation’s Chapter 11 case. The decision,...more

Distressed Download

Lessons from Sabine - In March, Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream...more

Banking & Financial Services E-Note - May 2016

by Burr & Forman on

The Southern District of New York has issued an opinion that permitted a debtor to reject certain gathering and condensation agreements as executory contracts. Because the midstream service sector finances the construction of...more

Trouble Down the Pipeline? What Sabine Oil & Gas Corp. May Mean For The Midstream Service Sector

by Burr & Forman on

Recently, the Bankruptcy Court for the Southern District of New York issued an opinion in In re Sabine Oil & Gas Corp. that permitted the debtor, Sabine Oil & Gas Corporation ("Sabine") to reject certain gathering and...more

Midstream Gathering Agreements Targeted by Recent Oil & Gas Bankruptcies

by BakerHostetler on

Continuing low oil and natural gas commodity prices have led to bargain prices at the pump, but also high tension in many boardrooms. This strain on the industry has resulted in many exploration and production, or “E&P,”...more

CR&B Alert - Commercial Restructuring and Bankruptcy News - May 2016, No. 2

by Reed Smith on

Can A Bank-Appointed Director Block A Bankruptcy Filing By A Borrower? The scenario is fairly typical. A loan goes into default and the bank and the borrower enter into a Forbearance Agreement. One of the conditions of...more

UCC Standing Blocked in Recent Sabine Decision

by Morrison & Foerster LLP on

What showing must creditors make to be granted the right to prosecute claims on behalf of the bankruptcy estate? Under the widely recognized standard established by the Second Circuit in In re STN Enterprises, a bankruptcy...more

Energy Newsletter - April 2016

by King & Spalding on

Managing In-Project Disputes in Major Construction Projects - What do you do when an unforeseen event threatens to increase the costs or time necessary to complete a major construction project? At first, it may seem...more

Uncertainty Rises for Energy Sector Bankruptcies

by Cohen & Grigsby, P.C on

In recent years, the energy sector has struggled with low commodity prices, oversupply, and logistical constraints — challenges which are poised to continue in the months ahead. These issues are putting a significant strain...more

Bankruptcy Court Rules that Gathering Agreements Can Be Rejected

by King & Spalding on

Potential Significant Impacts on Midstream Companies - On March 8, 2016, the United States Bankruptcy Court for the Southern District of New York (the “Court”) ruled from the bench in In re Sabine Oil & Gas Corp. in a...more

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