https://oilprice.com/Latest-Energy-News ... uptcy.htmlAnother Permian Oil Producer Files For Bankruptcy
By Charles Kennedy - Jul 27, 2020
Permian oil producer Rosehill Resources said on Monday that it had filed for bankruptcy protection, becoming the latest shale casualty of the collapse in oil prices.
Rosehill Resources has started voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, following a restructuring support agreement with some of its lenders announced early this month.
After the oil price crash in March, Rosehill Resources – which has assets in the Delaware Basin in the Permian – stopped all drilling and completion activity for 2020, “in light of deteriorating global markets and commodity prices.”
At the time, Rosehill Resources fully drew all funds available to it under a revolving credit facility, as a result of which its debt rose to US$340 million, while total cash on hand was US$73 million.
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Encore une victime dans le Permien :