Weatherford Names Blanchard COO
Oilfield services provider Weatherford International plc has appointed Karl Blanchard as Executive Vice President and Chief Operating Officer. In this role, he will oversee all region and product line operations; quality, health, safety, security and environment; sales; engineering, research and development; and supply chain. Blanchard brings with him more than 35 years in the oilfield services sector. Most recently, he served as Chief Operating Officer for Seventy Seven Energy, where he oversaw drilling, pressure-pumping and rental tool operations.
Seventy Seven Energy Files for Bankruptcy
Oilfield services company Seventy Seven Energy Inc filed for a prepackaged Chapter 11 bankruptcy on Tuesday to carry out a plan to convert $1.1 billion of its debt into equity in a reorganized company. Seventy Seven offers drilling and hydraulic fracturing services and was spun out of Chesapeake Energy Corp in 2014. The company said its creditors have already voted overwhelmingly in favor its plan, a process known as a prepackaged bankruptcy. "The successful completion of the solicitation process and today's filing represent the next step forward in our financial restructuring," Chief Executive Officer Jerry Winchester said.
U.S. Regional Banks Brace for Energy Loan Losses
The five U.S. regional banks most exposed to the energy sector set aside millions of dollars more in the first quarter to cover potential losses from bad loans to the struggling oil industry. Overall, provisions for bad loans at Comerica Inc, Regions Financial Corp, KeyCorp, SunTrust Banks Inc and Fifth Third Bancorp more than doubled to $570 million in the period from $222 million a year earlier. "The low oil price environment continues to pressure our energy clients, which contributed to the increase in non-performing loans…
Seventy Seven Energy to File for Bankruptcy Amid Oil Slump
Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26, the latest energy company to seek bankruptcy protection amid a prolonged oil price slump. The company, which was spun off from Chesapeake Energy Corp in 2014, said it had entered into a restructuring agreement with certain lenders that would allow it to convert about $1.1 billion of its debt into equity. A more than 60 percent fall in global oil prices since mid-2014 has forced about 50 North American oil and gas producers to seek bankruptcy protection.
Seventy Seven Energy to File for Bankruptcy amid Oil Slump
Oilfield services company Seventy Seven Energy Inc said it intended to file for a prepackaged Chapter 11 bankruptcy on or before May 26. The company said it had entered into a restructuring agreement with certain lenders that would allow it to convert about $1.1 billion of its debt into equity. (Reporting by Swetha Gopinath in Bengaluru; Editing by Anil D'Silva)
Oil Spin-off Stocks Could Face Longer Road to Recovery
As falling oil prices have ripped through energy stocks this year, five U.S. corporate spin-offs in the sector have not escaped the share price carnage and face a tougher road to recovery than more-established companies. Shares of three of the newly independent companies have tumbled more than 60 percent each since separating this summer: Paragon Offshore Plc, Noble Corp's spin-off of drilling assets; Civeo Corp, which provides oilfield "man camps" and split from Oil States International ; and Seventy Seven Energy, an oilfield services firm that had been part of Chesapeake Energy.