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E&P Plus September 2020: On the Move

Check out the latest new hires, appointments and promotions as well as new company office and facility openings. ....

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Indenture Trustees Must Provide Substantial Contribution to Qualify for Administrative Expense | Dechert LLP

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The United States Bankruptcy Court for the Southern District of Texas recently clarified the administrative expense standard applicable to indenture trustees by holding that they can recover fees and expenses as administrative expenses only when they make a “substantial contribution.” This standard requires a greater showing than “benefit to the estate,” which is the general administrative expense standard.
In re Sanchez Energy Corp., No. 19-34508 (Bankr. S.D. Tex. May 3, 2021).
Background
Sanchez”) issued two indentures for certain senior notes for which Delaware Trust Company (“
DTC”) acted as the successor Indenture Trustee. The confirmed chapter 11 plan called for payment in full in cash for holders of allowed administrative claims. The terms of the indentures indicated that DTC would be entitled to payment for fees and expenses, and that these fees and expenses may be classified as ....

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SpaceX plans to drill for natural gas next to launchpad

Elon Musk recently moved to Texas, where he launches some of his rockets and is building a battery factory. Now, for good measure, he plans to drill for natural gas ....

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Elon Musk's gas drilling plans in Texas meet legal resistance

Elon Muskâs gas drilling plans in Texas meet legal resistance
By Sergio Chapa on 1/25/2021
SpaceX CEO Elon Musk
(Bloomberg) Elon Musk recently moved to Texas, where he launches some of his rockets and is building a battery factory. Now, for good measure, he plans to drill for natural gas in the state.
The billionaireâs SpaceX intends to drill wells close to the companyâs Boca Chica launchpad, it was revealed during a Friday hearing before the Railroad Commission of Texas, the stateâs energy regulator.
Production has yet to start because of a legal dispute between the SpaceX subsidiary Lone Star Mineral Development and another energy company. Tim George, an attorney representing Lone Star, said at the hearing that SpaceX plans to use the methane it extracts from the ground âin connection with their rocket facility operations.â ....

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Elon Musk's SpaceX Plans to Drill for Natural Gas Near Texas Launchpad

Elon Musk recently moved to Texas, where he launches some of his rockets and is building a battery factory. Now, for good measure, he plans to drill for natural gas in the state. ....

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