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TexasTowelie

(112,293 posts) Mon Aug 12, 2019, 12:58 AM Aug 2019

Sanchez Energy files for Chapter 11 bankruptcy

Sanchez Energy, a Houston oil company that was once ranked as the third-most active driller in the Eagle Ford Shale of South Texas, has filed for Chapter 11 bankruptcy.

The company filed for reorganization before Judge Marvin Isgur at Houston's bankruptcy court on Sunday.

Company officials listed $2.1 billion in assets and $2.8 billion in debt, court records show. Sanchez's top creditor was listed as Delaware Trust Company, which holds nearly $1.8 billion in senior notes.

The company's first hearing is scheduled for Tuesday morning.

Read more: https://www.mysanantonio.com/business/energy/article/Sanchez-Energy-files-for-Chapter-11-bankruptcy-14297152.php

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Sanchez Energy files for Chapter 11 bankruptcy (Original Post) TexasTowelie Aug 2019 OP

I'm not going reiterate my oft-shared opinion of these tight-shale plays again ... mr_lebowski Aug 2019 #1

mr_lebowski

(33,643 posts)

1. I'm not going reiterate my oft-shared opinion of these tight-shale plays again ...

Reply to TexasTowelie (Original post)

Mon Aug 12, 2019, 01:58 AM

Aug 2019

But suffice to say I expect a whole shit-ton of pissed investors, and a pissed off public ... once they find out what happened here. Not only was our future energy security sold to the highest bidder but we didn't get that cheap of gasoline while it was happening.

Sadly Obama is not blameless in the problem, insofar as he allowed for the US to being exporting crude again under his watch. Maybe my biggest disappointment with him.

These fields are not Ghawar, or the North Sea, or Cantarell ... this has been a smash and grab of the 1st order. I expect production to begin to decline much sooner than later.

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