ENLARGE SandRidge Energy filed for bankruptcy protection on Monday, joining a growing list of companies that weren’t able to hang on long enough to enjoy the rebound in oil.
Crude oil prices have climbed 76% since dropping to a 13-year low in mid-February. But that’s come too late for a number of oil-and-gas companies that have recently turned to the bankruptcy courts to restructure their debts.
SandRidge’s filing came after it reached a deal with creditors to swap $3.7 billion in debt for control of the company, and follows a disclosure in March that it was considering protection. The collapse in commodity prices has hampered a number of activist hedge funds that had pushed for changes in the company in recent years.
Here are some other energy firms that have turned to the bankruptcy courts in recent weeks.
- Linn Energy LLC, an oil a gas producer that filed last Wednesday, said holders of more than two-thirds of its credit facility agreed to the general terms of a debt restructuring. The firm had warned since March that a bankruptcy filing could be unavoidable.
- Midstates Petroleum Co. filed in recent weeks after making a preliminary deal with lenders and bondholders on $2 billion debt-for-equity swap.
- Ultra Petroleum Corp. failed to reach a deal with with lenders and bondholders, pushing it into bankruptcy at the turn of the month. The company has about $3.8 billion of unsecured debt.
- Breitburn Energy Partners LP filed on Sunday, setting up a dispute with senior lenders. The restructuring talks are likely to focus on the company’s hedging assets, contracts that the company uses to protect against price volatility.
- Energy XXI Ltd. filed last month after reaching a tentative deal with some bondholders on the terms of a $1.45 billion debt-for-equity swap.
- Goodrich Petroleum Corp. filed in April with a deal in place to cut $400 million in debt through a swap with investors.
- Penn Virginia Corp. filed last week, saying falling oil and gas prices prompted the company to negotiate a deal with lenders on more than $1.2 billion in debt.
- Chaparral Energy Inc., an oil and gas driller, filed on May 9 in an effort to negotiate the terms of a debt-for-equity swap that would cut $1.2 billion from its books.
Going back further, the list gets longer:
- Samson Resources Corp.: The oil and gas company, purchased in a 2011 leveraged buyout by KKR & Co., filed in September with a plan to eliminate $3.25 billion in debt.
- Magnum Hunter Resources Corp. filed in December with a restructuring deal approved by about 75% of debtholders.
- Emerald Oil Inc. filed in March, listing assets of $405.4 million and debt of $361.1 million.
- Swift Energy Co. entered bankruptcy at the end of last year after struggling to address a debt load of more than $1.2 billion. It won approval of a reorganization plan at the end of March.
The Energy Companies for Which Oil Rebound Came Too Late
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