Our attorneys have reported in the past on the Haynes and Boone, LLP Oil Patch Bankruptcy Monitor (the “Bankruptcy Monitor”), a report that monitors the North American oil and gas company bankruptcies. The Bankruptcy Monitor is updated periodically, with its most recent update coming in February 2017 and lists the total North American oil and gas companies that have filed bankruptcy at 114 since January 2015.
According to the Bankruptcy Monitor, the total amount of debt for the aggregate of the oil and gas companies’ bankruptcies is over $74 billion. Some of these companies were heavily recommended by Wall Street’s biggest investment banks such as Raymond James & Associates (CRD# 705), Citigroup Global Markets (CRD# 7059), Credit Suisse Securities (CRD# 816), Merrill Lynch (CRD# 7691), Wells Fargo Securities (CRD# 126292), and Morgan Stanley (CRD# 149777).
Notable oil and gas companies listed in the report that may have been recommended by the aforementioned firms are Linn Energy; Breitburn Energy; Sandridge Energy, Atlas Resource Partners, Swift Energy, and Memorial Production Partners.
All of the oil and gas companies in the list below have at least $650 million in unsecured debt, and many have over $1 billion in unsecured debt.
- Sandridge Energy, Inc.
- Breitburn Operating LP
- Linn Energy, LLC
- Memorial Production Partners LP
- Atlas Resource Partners, L.P.
- Swift Energy Company
- Pacific Exploration & Production Corp.
- Troublesome Creek Gas Corporation
- Ultra Petroleum Corp.
- Energy XXI Ltd.
- Enquest PLC
- Stone Energy Corporation
- Samson Resources Corporation
- Sabine Oil & Gas
- Chaparral Energy Inc.
- Berry Petroleum Company, LLC
- Penn Virginia Corporation
- Bonanza Creek Energy, Inc.
- Vanguard Natural Resources, LLC
- Midstates Petroleum Company, Inc.
- Halcon Resources Corporation
- Venoco, Inc.
- Quicksilver Resources
- Magnum Hunter Resources Corporation
- Milagro Oil & Gas, Inc.
The amount of oil and gas bankruptcies filed is set to increase in 2017 as the price of oil remains much lower than the peaks in 2014. In January and February 2017 alone, five (5) oil and gas companies declared bankruptcy, including Memorial Production Partners. As recently as April 4, 2017, Seadrill Limited, another large oil and gas company, said that it would probably file for bankruptcy with approximately $8.7 billion in debt.
If you have lost money investing in any of these oil and gas companies at the recommendation of a broker and brokerage firm, contact us. Our lawyers have litigated hundreds of cases through FINRA arbitration and won millions of dollars on behalf of aggrieved investors. Our lawyers represent investors nationwide in securities cases and FINRA arbitration to recover investment losses. There is no fee unless we recover money for you.
For more information about the law firms, the lawyers, and our oil and gas investment practice area, please visit our website at www.oilgasfinraarbitration.com. Contact Scott L. Silver at (800) 975-4345 for a free, confidential consultation.