US shale firm Gulfport Energy exits bankruptcy
May 19, 2021 2:15:pm
Summary
by: Daniel Graeber
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US shale firm Gulfport Energy exits bankruptcy
US shale producer Gulfport Energy said May 18 it emerged from Chapter 11 bankruptcy protection with a new board and an improved balance sheet.
After a tumultuous year of pandemic strains, and aiming to eliminate roughly $1.25bn in debt, the company started a restructuring process in November.
“Gulfport has exited bankruptcy with a new board of directors; a strengthened balance sheet, with $853mn of total debt representing more than $1.2bn of deleveraging through the Chapter 11 process; and approximately $135mn of liquidity,” its May 18 statement read.
US Shale Producer Ovintiv Reports Q4 Net Loss
Feb 17, 2021 11:25:pm
Summary
by: Dale Lunan
US Shale Producer Ovintiv Reports Q4 Net Loss
US shale producer Ovintiv (formerly Canada’s Encana) said February 17 it had a pre-tax net loss in Q4 2020 of $642mn, compared to a Q4 2019 pre-tax net loss of $68mn. Net loss after tax was $614mn.
For full-year 2020, the company reported a pre-tax net loss of $5.7bn, largely reflecting non-cash impairments on lower reserve valuations totaling $5.58bn, taken throughout the year. In Q1 2020, the impairment was $277mn, in Q2 $3.25bn, in Q3 $1.34bn and in Q4 $717mn.
Operating earnings (Ebitda) in Q4 declined to $183mn from $210mn and for the full year fell to $91mn from $860mn.
US Chesapeake Exits Bankruptcy
Summary
by: Joe Murphy
US shale producer Chesapeake has exited Chapter 11 bankruptcy, the company said on February 9, announcing that its 2021 activity would focus on world-class natural gas assets.
Chesapeake filed for Chapter 11 in June last year, becomin.
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