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While a new report from the Administrative Office of the U.S. Courts shows a 46% decline in chapter 11 filings from 2010 to 2014, there appears to be an uptick in energy related filings, especially by Texas-based companies.
The report from the Administrative Office shows that chapter 11 filings decreased from 14,191 in fiscal year 2010 to 7,658 in fiscal year 2014, a decline of 46% in just four years. A separate report from the U.S. Energy Information Administration shows the price of West Texas Intermediate Crude dropping from over $100 per barrel in July 2014 to just over $50 per barrel in January 2015. While bankruptcy is typically a lagging indicator in the economy, oil and gas related bankruptcy filings appear to be on the rise with at least three publicly traded companies filing this month.
I was able to locate nine energy-related filings with aggregate debt of $2.4 billion in the past few months. Although all of the Debtors except for one are Texas-based, the filings are scattered among venues including the Districts of Delaware and Utah and the Southern and Western Districts of Texas.
Endeavour Operating Corporation (Houston, TX)
Marion Energy, Inc. (McKinney, TX)
KiOR, Inc. (Pasadena, TX)
WBH Energy, LP (Austin, TX)
Royalty Partners, LLC (Houston, TX)
Ivanhoe Energy Inc. (Calgary)
Cal Dive International, Inc. (Houston, TX)
Dune Energy, Inc. (Houston, TX)
BPZ Resources, Inc. (Houston, TX)
Read more at A Texas Bankruptcy Lawyer's Blog
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