Economy
Extraction Oil & Gas Files for Bankruptcy Amid Commodity Slump
(Bloomberg) — Extraction Oil & Gas Inc. filed for bankruptcy, becoming the latest producer to succumb to high debt and dwindling liquidity amid a difficult environment for energy companies.
The Denver-based company filed in Delaware after skipping a May 15 interest payment on its 2024 bonds, triggering a 30-day grace period while it explored strategic options to address its roughly $1.5 billion of debt.
Its bankruptcy filing follows a collapse in oil prices to historic lows as the coronavirus pandemic slashed demand, and Saudi Arabia and Russia competed for market share. Extraction withdrew its 2020 guidance in May and warned it may have to file for bankruptcy.
More than 200 North American producers have filed for Chapter 11 since the beginning of 2015, according to a May report from law firm Haynes & Boone.
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, October 24
-
OER Magazines2 months ago
Signature, October 24
-
Magazines2 months ago
OER, October 24
-
Oman1 month ago
Shell Oman Partners with Oneroad Automotive Gives Away 2 Forthing Cars as Part of its ‘Win Big’ Campaign
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, November 24
-
Energy3 weeks ago
OUTLOOK: Emerging Markets and Renewables – The Twin Engines of Energy Growth for 2025
-
News4 weeks ago
Mitsubishi X-force Joins Sayarti’s Fleet: A New Era of Elegance and Performance
-
Auto2 months ago
Moosa Abdul Rahman Hassan & Co. Celebrates Launch of 2025 Suzuki Swift and Opening of New Suzuki Showroom in Azaiba