Contact: Carol Lunger clunger@a-‐b-‐c.com or 610-‐574-‐0576
Gavin/Solmonese Oil and Gas Industry Research 2014-‐2015 www.gavinsolmonese.com
Oil and Gas Bankruptcy Filing, Statistics
Source: Pricing data from S&P Capital IQ; Filing data from The Deal, LLCTotal Bankruptcies Q4 2014-‐Year End 2015 80 470.6% Average Asset Size ($MMs) 214.57 Exploration 45 56.3%Total Bankruptcies Q4 2013-‐Year End 2014 17 Average Liability Size ($MMs) 257.70 Services 35 43.8%
Bankruptcy Filing Statistics Q4 2014-‐Year End 2015Filing Location Number Filing By State Number Business Headquartered Number Texas City HQ NumberSouthern District of Texas, Houston 11 Texas 43 53.8% Texas 49 61.3% Houston 20 40.8%Delaware, Wilmington 11 Delaware 11 Oklahoma 7 Dallas 5Northern District of Texas, Fort Worth 7 Louisiana 6 Louisiana 4 Fort Worth 5Northern District of Texas, Dallas 4 Colorado 4 Colorado 4 Midland 3Colorado, Denver 4 New Mexico 3 Pennsylvania 2 San Antonio 3Western District of Texas, Midland 4 Oklahoma 3 New Mexico 2 Granbury 1Western District of Louisiana, Lafayette 4 Pennsylvania 2 North Dakota 2 Victoria 1New Mexico, Albuquerque 3 New York 2 Alberta 1 Allen 1Southern District of Texas, Victoria 3 Utah 1 Nevada 1 Austin 1Western District of Texas, Austin 3 Nevada 1 British Columbia 1 Bryan 1Western District of Texas, San Antonio 3 Kentucky 1 Missouri 1 Longview 1Eastern District of Texas, Sherman 3 Montana 1 New York 1 Alvin 1 Western District of Texas, Midland 2 Massachusetts 1 Idaho 1 Brookeland 1Eastern District of Texas, Tyler 2 Alaska 1 Arizona 1 Bee Cave 1 Western District of Oklahoma 2 Massachusetts 1 Plano 1Southern District of New York, Manhattan 2 Tennessee 1 Richardson 1Utah, Salt Lake City 1 Kentucky 1 Kilgore 1Western District of Louisiana, Shreveport 1 Cypress 1 Western District of Pennsylvania, Pittsburgh 1Eastern District of Oklahoma, Okmulgee 1Nevada, Reno 1 Eastern District of Kentucky 1Eastern District of Texas, Beaumont 1 District of Montana 1Eastern District of Louisiana, New Orleans 1Massachusetts, Boston 1Alaska, Anchorage 1Western District of Pennsylvania, Johnstown 1
Calendar Filing Statistics:Total Filings by Month Year Filing Month Number of FilingsSeptember 2014 September, 2014 3October 2014 October, 2014 3November 2014 November, 2014 1December 2014 December, 2014 1January 2015 January, 2015 4February 2015 February, 2015 3March 2015 March, 2015 5April 2015 April, 2015 4May 2015 May, 2015 9June 2015 June, 2015 8July 2015 July, 2015 5August 2015 August, 2015 9September 2015 September, 2015 7October 2015 October, 2015 7November 2015 November, 2015 5December 2015 December, 2015 6
Exploration Year Filing Month ExplorationSeptember 2014 September, 2014 2October 2014 October, 2014 2November 2014 November, 2014 1December 2014 December, 2014 0January 2015 January, 2015 2February 2015 February, 2015 1March 2015 March, 2015 3April 2015 April, 2015 2May 2015 May, 2015 4June 2015 June, 2015 4July 2015 July, 2015 2August 2015 August, 2015 7September 2015 September, 2015 4October 2015 October, 2015 4November 2015 November, 2015 3December 2015 December, 2015 4
Services Year Filing Month NumberSeptember 2014 September, 2014 1October 2014 October, 2014 1November 2014 November, 2014 0December 2014 December, 2014 1January 2015 January, 2015 2February 2015 February, 2015 2March 2015 March, 2015 2April 2015 April, 2015 2May 2015 May, 2015 5June 2015 June, 2015 4July 2015 July, 2015 3August 2015 August, 2015 2September 2015 September, 2015 3October 2015 October, 2015 3November 2015 November, 2015 2December 2015 December, 2015 2
According to research conducted by Gavin/Solmonese, 80 oil companies filed for bankruptcy protection from September 1, 2014 (when oil was trading at $92.88/barrel) to December 31, 2015, (when price was down to $52.69) compared to only 17 filings from September 1, 2013 ($107.23/barrel) to December 31, 2014 (when it was $98.40/barrel). This indicates an increase in bankruptcy filings of 470%.*
Gavin/Solmonese Oil and Gas Industry Research 2014-‐2015 Contact: Carol Lunger clunger@a-b-c.com or 610-574-0576
Source: Pricing data from S&P Capital IQ; Filing data from The Deal, LLC www.gavinsolmonese.com
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NYMEX Crude Number of Filings NYMEX NatGas
The increased pace of filings in the late spring/early summer directly aligned with the drop in oil prices; with a roughly one quarter (three-‐month) lag between each leg of price drop and filing increase.
Historical Oil Price, Septmeber 2013-‐December 2015 Contact: Carol Lunger clunger@a-b-c.com or 610-574-0576www.gavinsolmonese.com
^CL ^NG
Date NYMEX Crude NYMEX NatGas Note: All pricing data from S&P Capital IQSeptember, 2013 107.65 3.684October, 2013 102.04 3.609November, 2013 94.61 3.591December, 2013 92.72 3.954January, 2014 98.42 4.193February, 2014 97.49 4.943March, 2014 102.59 4.609April, 2014 99.74 4.276May, 2014 99.42 4.719June, 2014 102.71 4.542July, 2014 105.34 4.436August, 2014 97.88 3.798September, 2014 95.96 4.065October, 2014 90.73 4.023November, 2014 80.54 3.959December, 2014 69 4.088January, 2015 53.27 2.896February, 2015 48.24 2.691March, 2015 49.76 2.734April, 2015 50.09 2.605May, 2015 59.15 2.776June, 2015 60.2 2.649July, 2015 56.96 2.783August, 2015 47.12 2.716September, 2015 45.41 2.702October, 2015 44.74 2.433November, 2015 46.59 2.321December, 2015 41.85 2.231
Oil is presently trading at roughly $30/barrel. This reflects a decrease of nearly half of its value since just January 2, 2015.
Contact: Carol Lunger clunger@a-b-c.com or 610-574-0576
Gavin/Solmonese Oil and Gas Industry Research 2014-‐2015 www.gavinsolmonese.com
Oil and Gas BK Filings Q4 2014-‐YE 2015
Note: All filing data taken from The Deal, LLCDebtor Month Year Filing Date Case Number Filing State District HQ City HQ State Assets ($MM) Liabilities ($MM) OperationsDSI Oilfield Services LLC September 2014 9/3/14 14-‐43660 Texas Northern District of Texas, Fort Worth Granbury TX 0.10 1.00 ServicesMatagorda Island Gas Operations LLC September 2014 9/3/14 14-‐51099 Louisiana Western District of Louisiana, Lafayette Morgan City LA 890.55 26.15 ExplorationChuza Oil Co. September 2014 9/24/14 14-‐12842 New Mexico New Mexico, Albuquerque Dallas TX 1.91 2.49 ExplorationQuality Lease and Rental Holdings LLC October 2014 10/1/14 14-‐60074 Texas Southern District of Texas, Victoria Victoria TX 12.00 61.00 ServicesEndeavour International Corp. October 2014 10/10/14 14-‐12308 Delaware Delaware, Wilmington Houston TX 1,555.73 1,553.51 ExplorationMarion Energy Inc. October 2014 10/31/14 14-‐31632 Utah Utah, Salt Lake City Allen TX 166.79 171.14 ExplorationCrossFoot Energy LLC November 2014 11/20/14 14-‐44668 Texas Northern District of Texas, Fort Worth Fort Worth TX 0.43 12.29 ExplorationElite Oil & Gas Services LLC December 2014 12/16/14 14-‐12933 Louisiana Western District of Louisiana, Shreveport Shreveport LA 1.00 1.00 ServicesWBH Energy LP January 2015 1/4/15 15-‐10003 Texas Western District of Texas, Austin Austin TX 0.56 48.95 ExplorationVelocity Oil & Gas, LLC January 2015 1/16/15 15-‐10074 Texas Western District of Texas, Austin Bryan TX 5.00 5.00 ServicesTomahawk Resources, LLC January 2015 1/21/15 15-‐70010 Texas Western District of Texas, Midland Harrisonbourg LA 5.00 5.00 ServicesEC Offshore Properties Inc. January 2015 1/26/15 15-‐50085 Louisiana Western District of Louisiana, Lafayette Houston TX ExplorationBellview Energy LLC February 2015 2/2/15 15-‐60057 Texas Eastern District of Texas, Tyler Longview TX 1.00 1.00 ExplorationCalmena Energy Services Inc. February 2015 2/5/15 15-‐30786 Texas Southern District of Texas, Houston Calgary AB ServicesNorth Shore Energy Services, LLC February 2015 2/6/15 15-‐20390 Pennsylvania Western District of Pennsylvania, Pittsburgh Pittsburgh PA 5.00 5.00 ServicesHorton Wison Deepwater, Inc. March 2015 3/2/15 15-‐40827 Texas Northern District of Texas, Fort Worth Houston TX 5.00 5.00 ServicesCal Dive International Inc. March 2015 3/3/15 15-‐10458 Delaware Delaware, Wilmington Houston TX 570.99 411.44 ServicesDune Energy Inc. March 2015 3/8/15 15-‐10336 Texas Western District of Texas, Austin Houston TX 263.34 107.98 ExplorationBPZ Resources Inc. March 2015 3/9/15 15-‐60016 Texas Southern District of Texas, Victoria Houston TX 364.31 275.25 ExplorationQuicksilver Resources Inc. March 2015 3/17/15 15-‐10585 Delaware Delaware, Wilmington Fort Worth TX 765.40 2,074.20 ExplorationAmerican Natural Resources LLC April 2015 4/13/15 15-‐80355 Oklahoma Eastern District of Oklahoma, Okmulgee Tulsa OK 1.00 1.00 ExplorationFalcon Rigs, Inc. April 2015 4/28/15 15-‐11580 Oklahoma Western District of Oklahoma Cashionss OK 5.00 5.00 ServicesERG Intermediate Holdings LLC April 2015 4/30/15 15-‐31858 Texas Northern District of Texas, Dallas Houston TX 269.27 409.74 ExplorationHorizon Well Service LLC April 2015 4/30/15 15-‐11137 New Mexico New Mexico, Albuquerque Hobbs NM 0.00 1.00 ServicesBlair Oil Investments LLC May 2015 5/7/15 15-‐15009 Colorado Colorado, Denver Denver CO 1.00 1.00 ExplorationAmerican Eagle Energy Corp. May 2015 5/8/15 15-‐15073 Colorado Colorado, Denver Littleton CO 211.88 215.22 ExplorationService Consulting & Management Inc. May 2015 5/8/15 15-‐50658 Nevada Nevada, Reno Reno NV 6.10 5.05 ServicesTex-‐Line Inc. May 2015 5/11/15 15-‐32658 Texas Southern District of Texas, Houston Alvin TX 1.00 1.00 ServicesViper Services LLC May 2015 5/14/15 15-‐11259 New Mexico New Mexico, Albuquerque Carlsbad NM 2.00 1.90 ServicesDuer Wagner III Oil & Gas LP May 2015 5/15/15 15-‐41961 Texas Northern District of Texas, Fort Worth Fort Worth TX 2.72 120.37 ExplorationFrac Specialists LLC May 2015 5/17/15 15-‐41974 Texas Northern District of Texas, Fort Worth Midland TX 61.68 57.98 ExplorationLonestar Geophysical Surveys, LLC May 2015 5/18/15 15-‐11872 Oklahoma Western District of Oklahoma Edmond OK 50.00 50.00 ServicesOxane Materials Inc. May 2015 5/31/15 15-‐32940 Texas Southern District of Texas, Houston Houston TX 5.85 43.02 ServicesPrimera Energy LLC June 2015 6/3/15 15-‐51396 Texas Western District of Texas, San Antonio San Antonio TX 1.00 1.00 ExplorationKentucky Petroleum Operating, Ltd. June 2015 6/4/15 15-‐60724 Kentucky Eastern District of Kentucky Vancouver BC 5.00 5.00 ExplorationSteve Simpson & Associates Inc. June 2015 6/8/15 15-‐10291 Texas Eastern District of Texas, Beaumont Brookeland TX 0.50 1.00 ExplorationBoomerang Tube, LLC June 2015 6/9/15 15-‐11247 Delaware Delaware, Wilmington Chesterfield MO 250.00 250.00 Services2 D's Oilfield Services Inc. June 2015 6/10/15 15-‐70082 Texas Western District of Texas, Midland Midland TX 0.00 1.00 ServicesAll Out Energy Services LLC June 2015 6/12/15 15-‐42370 Texas Northern District of Texas, Fort Worth Williston ND 1.20 1.60 ServicesSaratoga Resources, Inc. (Second Filing) June 2015 6/18/15 15-‐50749 Louisiana Western District of Louisiana, Lafayette Houston TX 101.28 219.24 ExplorationCitadel Energy Holdings, LLC June 2015 6/19/15 15-‐11322 Delaware Delaware, Wilmington Watford ND 5.00 5.00 ServicesFremak Industries Inc. July 2015 7/1/15 New York Southern District of New York, Manhattan New York NY 1.00 10.00 ServicesWINDY BUTTE RECLAMATION FACILITY, LLC July 2015 7/7/15 15-‐60615 Montana District of Montana Idaho Falls ID 5.00 5.00 ServicesArabella Petroleum Company, LLC July 2015 7/10/15 15-‐70098 Texas Western District of Texas, Midland Fort Worth TX 1.00 10.00 ServicesMilagro Holdings, LLC July 2015 7/15/15 15-‐11520 Delaware Delaware, Wilmington Houston TX 5.00 5.00 ExplorationSabine Oil & Gas Corp. July 2015 7/15/15 15-‐11835 New York Southern District of New York, Manhattan Houston TX 2,483.37 2,906.35 ExplorationAmerican Standard Energy Corp. August 2015 8/3/15 15-‐70104 Texas Western District of Texas, Midland Scottsdale AZ 50.00 53.00 ExplorationBolt Fuel Oil Co. Inc. August 2015 8/3/15 Texas Eastern District of Texas, Tyler Kilgore TX 0.05 1.00 ServicesLuca International Group LLC August 2015 8/6/15 15-‐34221 Texas Southern District of Texas, Houston Houston TX 13.91 47.61 ExplorationBlack Elk Energy Offshore Operations LLC August 2015 8/11/15 Texas Southern District of Texas, Houston Houston TX 163.89 144.73 ExplorationHercules Offshore Inc. August 2015 8/13/15 15-‐11685 Delaware Delaware, Wilmington Houston TX 546.32 1,306.97 ExplorationFWLL LLC August 2015 8/27/15 15-‐52071 Texas Western District of Texas, San Antonio San Antonio TX 0.50 1.00 ServicesSable Operating Co. August 2015 8/28/15 15-‐33460 Texas Northern District of Texas, Dallas Dallas TX 10.00 10.00 ExplorationArmada Oil Inc. August 2015 8/28/15 Texas Eastern District of Texas, Sherman Dallas TX 20.93 7.42 ExplorationAmerican Natural Energy Corp. August 2015 8/31/15 15-‐12229 Louisiana Eastern District of Louisiana, New Orleans Tulsa OK 5.00 5.00 ExplorationBuckingham Oil Interests Inc. September 2015 9/1/15 15-‐12690 Massachusetts Massachusetts, Boston Falmouth MA 1.00 10.00 ExplorationBig Sky Automation LLC September 2015 9/2/15 15-‐41611 Texas Eastern District of Texas, Sherman Plano TX 0.00 1.00 ServicesContinental Exploration LLC September 2015 9/2/15 15-‐41607 Texas Eastern District of Texas, Sherman Richardson TX 0.00 0.00 ExplorationDiverse Energy Systems LLC September 2015 9/7/15 Texas Southern District of Texas, Houston Houston TX 10.00 10.00 ServicesSamson Resources Corp. September 2015 9/16/15 15-‐11934 Delaware Delaware, Wilmington Tulsa OK 5,085.14 5,160.72 ExplorationHII Technologies Inc. September 2015 9/18/15 15-‐60070 Texas Southern District of Texas, Victoria Houston TX 4.15 18.87 ServicesEnergy Oilfield Services LLC September 2015 9/25/15 15-‐35003 Texas Southern District of Texas, Houston Houston TX 1.00 1.00 ExplorationMiller Energy Resources Inc. October 2015 10/1/15 15-‐00313 Alaska Alaska, Anchorage Huntsville TN 392.56 336.91 ExplorationCCNG Energy Partners LP October 2015 10/12/15 15-‐70136 Texas Western District of Texas, Midland Bee Cave TX 3.54 187.19 ServicesA&B Valve and Piping Systems LLC October 2015 10/16/15 15-‐51336 Louisiana Western District of Louisiana, Lafayette Broussard LA 10.00 10.00 ServicesSRT Solutions LLC October 2015 10/22/15 15-‐35572 Texas Southern District of Texas, Houston Houston TX 1.00 1.00 ServicesAIX Energy Inc. October 2015 10/22/15 15-‐34245 Texas Northern District of Texas, Dallas Dallas TX 10.00 10.00 ExplorationRaam Global Energy Co. October 2015 10/26/15 15-‐35615 Texas Southern District of Texas, Houston Lexington KY 391.63 429.39 ExplorationRepublic Resources LLC October 2015 10/31/15 15-‐52637 Texas Western District of Texas, San Antonio San Antonio TX 1.00 10.00 ExplorationEscalera Resources Co. November 2015 11/5/15 15-‐22395 Colorado Colorado, Denver Denver CO 97.71 67.71 ExplorationParallel Energy LP November 2015 11/9/15 15-‐12263 Delaware Delaware, Wilmington Tulsa OK 110.00 168.95 ExplorationSomerset Regional Water Resources LLC November 2015 11/9/15 15-‐70766 Pennsylvania Western District of Pennsylvania, Johnstown Tunkhannock PA 10.00 10.00 ServicesFar East Energy Corp. November 2015 11/10/15 15-‐35970 Texas Southern District of Texas, Houston Houston TX 77.80 129.30 ExplorationAnimas Well Services LLC November 2015 11/24/15 15-‐70162 Texas Western District of Texas, Midland Midland TX 1.00 1.00 ServicesEnergy & Exploration Partners Inc. December 2015 12/7/15 15-‐44931 Texas Northern District of Texas, Fort Worth Fort Worth TX 500.00 1,000.00 ExplorationTransCoastal Corp. December 2015 12/8/15 Texas Northern District of Texas, Dallas Dallas TX 1.00 10.00 ExplorationNew Gulf Resources LLC December 2015 12/17/15 15-12566 Delaware Delaware, Wilmington Tulsa OK 100.00 500.00 ExplorationCascade Integrated Services LLC December 2015 12/16/15 15-23704 Colorado Colorado, Denver Denver CO 1.00 1.00 ServicesNova Directional Inc. December 2015 12/16/15 15-00652 Texas Southern District of Texas, Houston Cypress TX 1.00 1.00 ServicesSwift Energy Co. December 2015 12/31/15 15-12670 Delaware Delaware, Wilmington Houston TX 1,024.00 1,349.00 Exploration
Exploration companies made up the greatest percentage of bankruptcy filings, but not significantly more
49 (61.8%) bankrupt companies were based in Texas.
Most of these bankrupt companies had their central operations in the Gulf, while the frackers (in North Dakota and Oklahoma) seem to be safe, for now (oil is at $30 a barrel roughly)
Most companies either filed bankruptcy where they are headquartered (Texas) or in Delaware where they are incorporated.