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Led by Texas, Eight E&Ps, Five OFS Operators Sought Chapter 11 in 1Q


Led by Texas, Eight E&Ps, Five OFS Operators Sought Chapter 11 in 1Q
Eight of North America’s oil and gas producers filed for bankruptcy during the first three months of this year, the highest quarterly total since 2016, according to Haynes and Boone LLC.
The law firm, which has monitored North American producer Chapter 11 filings since 2015, on Thursday issued its latest report covering 1Q2021. It also issued an overview of bankruptcy activity in the oilfield services (OFS) and midstream sectors. 
“The aggregate debt for producers that filed in 1Q2021 is just over $1.8 billion, which is the second lowest first quarter total, after $1.6 billion in1Q2019,” the firm’s researchers noted.  ....

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Bonanza Creek Moderating DJ Well Completions to Optimize HighPoint Takeover


Bonanza Creek Moderating DJ Well Completions to Optimize HighPoint Takeover
With its takeover of fellow Colorado pure-play HighPoint Resources Corp. now complete, Bonanza Creek Energy Inc. is looking to optimize the combined well completions and midstream gathering needs, according to CEO Eric Greager.
Bonanza Creek completed its merger with HighPoint on April 1. The closing allows the Denver-Julesburg (DJ) Basin operator to revamp the overall drilling schedule for the drilled but uncompleted wells, or DUCs, pushing some to later this year. 
Streamlining and consolidating the DJ operations may result in a lower production outlook for 2021 than initially forecast in November when the merger was announced. However, the overall outlook is solid, said Greager. ....

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Bonanza Creek, HighPoint close merger – BizWest


DENVER Bonanza Creek Energy Inc. (NYSE: BCEI) closed its merger with HighPoint Resources Corp. this month, marking a consolidation that creates the sixth-largest producer of fossil fuel energy in Weld County.
The two Denver-based energy companies consummated their merger on April 1. In a note to investors, the new Bonanza said it intends to spend between $150 million and $170 million this year on capital expenditures, a line item usually denoting new drilling or well activity, and expects to drill between 40,000 to 44,000 barrels of oil per day through the rest of 2021.
The company solely operates in the Wattenberg Field, a subset of the Denver-Julesburg Basin that spreads across Northern Colorado and parts of Wyoming. ....

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