Download - Oilfield Services Bankruptcy
Oilfield Services Bankruptcy Tracker
June 30, 2021
OILFIELD SERVICES BANKRUPTCY TRACKER
Haynes and Boone, LLP has monitored North American oilfield services company (OFS) Chapter 11 bankruptciessince 2015. This latest report features new cases filed from January 1 through June 30, 2021. Over the past sixyears, there have been 270 oilfield services company bankruptcies. In the same period, there were 302 oil and gasproducer and midstream company bankruptcy filings, bringing the combined North American industry total to572. The report that follows includes data points for aggregate debt and several summary data slides.
KEY TAKEAWAYS FOR Q1‐Q2 2021:
• Thirteen OFS companies filed in Q1‐Q2 2021, which is the fifth lowest Q1‐Q2 total since 2015.
• The aggregate debt for OFS companies that filed in Q1‐Q2 2021 is over $5.9 billion, which is the fourth highestQ1‐Q2 total since 2015.
• Texas has accounted for 62 percent of the total OFS filings this year, with eight in total.
Our lawyers have played a key role assisting clients in high‐profile E&P, midstream and oilfield services matters,including asset sales, refinancings, debt restructurings and Chapter 11 cases, representing debtors, creditors,energy lenders and private equity investors. Haynes Boone publishes companion reports that can be found on ourEnergy Roundup web page, which include these:
• Borrowing Base Redeterminations Survey• Energy Bank Price Deck Survey• Midstream Report• Oil and Gas ESG Tracker• Oil Patch Bankruptcy Monitor
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2015‐2021 CUMULATIVE NORTH AMERICAN OILFIELD SERVICES BANKRUPTCY FILINGS
911
1314
2620
1213
1515
9 4 4 3 1 3 1 11 6 611
2717 5 8
0
50
100
150
200
250
300
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
Cumulative bankruptciesNew bankruptcies since the previous quarter
HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©
(As of June 30, 2021)
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2015‐2021 NORTH AMERICAN OILFIELD SERVICES BANKRUPTCY FILINGS BY QUARTER
0
5
10
15
20
25
30
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
NU
MB
ER O
F FI
LIN
GS
(As of June 30, 2021)
HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©
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2015‐2021 CUMULATIVE NORTH AMERICAN OILFIELD SERVICES UNSECURED DEBT, SECURED DEBT AND AGGREGATE DEBT
$0
$20
$40
$60
$80
$100
$120
$140
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
BILLIONS
(As of June 30, 2021)
HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©
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2015‐2021 NORTH AMERICAN OILFIELD SERVICES BANKRUPTCY FILINGS BY LOCATION
TEXAS
152
DELAWARE
20COLORADO
6
LOUISIANA
23
OKLAHOMA
9ARIZONA
2
UTAH
2
PENNSYLVANIA
NEW MEXICO
5
KANSAS
3
NEBRASKA
WYOMING
21
GEORGIA
1
CANADA*
7
OHIO
3
NORTH DAKOTA
2
10
12
NORTH CAROLINA
1
MONTANA
2
1
MISSISSIPPI
ALABAMA
1
2WEST VIRGINIA
1
ALASKA
FLORIDA1
*Canada is not tracked post‐2016.(As of June 30, 2021)
HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©
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MICHIGAN
1 NEW YORK
2015‐2021 NORTH AMERICAN OILFIELD SERVICES AGGREGATE DEBT BY FILING LOCATION
ALABAMA$26,814,672
ALASKA$3,186,359
ARIZONA$42,904,934
CANADA*$110,883,943
COLORADO$74,068,610
FLORIDA$7,061,033
GEORGIA$439,177
KANSAS$10,141,143
LOUISIANA$595,376,970
MICHIGAN$2,293,471
MISSISSIPPI$9,995,711
TEXAS$75,517,256,381
NEW YORK$24,309,890,007
DELAWARE$16,125,256,981
MONTANA$4,884,460
NEBRASKA$928,751
NEW MEXICO$19,370,098
NORTH CAROLINA$639,252
NORTH DAKOTA$3,628,240
OHIO$34,560,109
OKLAHOMA$116,184,873
PENNSYLVANIA$81,569,069
UTAH$1,791,753
WEST VIRGINIA$18,021,620
WYOMING$24,297,366
(As of June 30, 2021)
HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©
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LIST OF NORTH AMERICAN OILFIELD SERVICES BANKRUPTCIES 2021 BANKRUPTCIES, January – June
FILING DATE COURT CASE NUMBER DEBTOR SECURED UNSECURED TOTAL01/05/2021 W.D. La. 21‐50005 FLOW SERVICES AND CONSULTING INC. $ 282,172 $ 5,570,745 $ 5,852,91701/06/2021 S.D. Tex. 21‐80004 THIRD OCEAN VESSEL AND RIG, INC. * $ ‐ $ ‐ $ ‐02/10/2021 S.D. Tex. 21‐30427 SEADRILL LIMITED ~ ^ $ 5,556,000,000 $ 186,681,064 $ 5,742,681,064 03/18/2021 W.D. Tex. 21‐70034 ALLIED EQUIPMENT, INC. * $ 6,706,423 $ 2,822,678 $ 9,529,10103/26/2021 S.D. Tex. 21‐31050 AMERICAN NATIONAL CARBIDE CO. ^ $ 2,294,703 $ 1,675,279 $ 3,969,98204/06/2021 W.D. La. 21‐50198 LOUISIANA CRANE & CONSTRUCTION, L.L.C. ^ $ 16,830,730 $ 11,925,594 $ 28,756,324 04/20/2021 D. Del. 21‐10729 WB SUPPLY LLC $ 15,310,108 $ 37,467,487 $ 52,777,595 04/30/2021 S.D. Tex. 21‐21122 GAINCO, INC. $ 3,970,305 $ 2,441,008 $ 6,411,313 05/13/2021 N.D. Tex. 21‐50067 MECHANICAL EQUIPMENT, INC. $ 4,083,611 $ 3,548,319 $ 7,631,930 05/19/2021 S.D. Tex. 21‐21142 AINSWORTH TRUCK LEASING, LLC ^ $ 3,953,995 $ ‐ $ 3,953,995 05/31/2021 S.D. Tex. 21‐31784 OFS INTERNATIONAL, LLC ~ * $ 26,900,000 $ 58,000,000 $ 84,900,000 06/25/2021 S.D. Fl. 21‐16236 FLUOROTEK USA, INC $ 6,190,694 $ 870,339 $ 7,061,033 06/29/2021 S.D.W.V. 21‐20150 WALHONDE TOOLS, INC. $ 699,874 $ 960,678 $ 1,660,552 TOTAL 2015 $ 3,347,895,055 $ 1,964,453,600 $ 5,312,348,655 TOTAL 2016 $ 7,765,578,782 $ 5,732,131,636 $ 13,497,710,418 TOTAL 2017 $ 23,035,737,673 $ 12,216,998,001 $ 35,252,735,674 TOTAL 2018 $ 3,033,514,532 $ 856,640,100 $ 3,890,154,632 TOTAL 2019 $ 339,209,400 $ 7,734,345,345 $ 8,073,554,745 TOTAL 2020 $ 17,581,406,236 $ 27,578,348,824 $ 45,159,755,0602021 YTD $ 5,643,222,615 $ 311,963,191 $ 5,955,185,806TOTAL 2015‐2021 $ 60,746,564,293 $ 56,394,880,697 $ 117,141,444,990
*Debt information estimated from declarations or other filings; schedules not yet available. ~Lead case – estimate includes affiliate(s); debt may be duplicative to a certain extent.
^Second filing.(As of June 30, 2021)
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PRIMARY CONTACTSRESTRUCTURING
CHARLES BECKHAM, JR.Partner, [email protected]
IAN PECKPartner, [email protected]
ELI COLUMBUS Partner, [email protected]
MATT FERRIS Partner, [email protected]
PATRICK HUGHESPartner, Denver / [email protected]
KENRIC KATTNERPartner, [email protected]
FRASHER MURPHYPartner, [email protected]
STEPHEN PEZANOSKYPartner, Fort [email protected]
KELLI NORFLEETPartner, [email protected]
DAVID STAABAssociate, Fort [email protected]
JAROM YATESAssociate, [email protected]
MARTHA WYRICKAssociate, [email protected]
ARSALAN MUHAMMADCounsel, [email protected]
KOURTNEY LYDACounsel, [email protected]
DAVID TRAUSCHAssociate, [email protected]
Haynes Boone has more than 600 lawyers, including nearly 20 restructuring practitioners and 100 energy lawyers and landmen serving clients across the globe.
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CHRIS REAGENAssociate, [email protected]
REEM ABDELRAZIKAssociate, [email protected]
PRIMARY CONTACTSOILFIELD SERVICES
BRAD RICHARDSPartner, [email protected]
BUDDY CLARK Partner, [email protected]
KIM MAIAssociate, [email protected]
CHRIS WOLFESenior Counsel, [email protected]
KRAIG GRAHMANNPartner, [email protected]
ELLEN CONLEYAssociate, [email protected]
HUNT BUCKLEYSenior Counsel, Mexico [email protected]
NEAL KAMINSKYPartner, [email protected]
MICHAEL COOPERCounsel, [email protected]
AUSTIN ELAMPartner, [email protected]
BILL MCDONALDPartner, The [email protected]
VIKKI MARSHAssociate, [email protected]
TIM JOHNSTONPartner, [email protected]
JAMES MARKUSPartner, [email protected]
MICHAEL FREEMANPartner, [email protected]
GEORGE Y. GONZALEZPartner, [email protected]
Haynes Boone has more than 600 lawyers, including nearly 20 restructuring practitioners and 100 energy lawyers and landmen serving clients across the globe.
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AUSTIN600 Congress AvenueSuite 1300Austin, TX 78701United States of AmericaT +1 512.867.8400F +1 512.867.8470
CHARLOTTE620 S. Tryon StreetSuite 375Charlotte, NC 28202 United States of AmericaT +1 980.771.8200F +1 980.771.8201
CHICAGO180 N. LaSalle StreetSuite 2215Chicago, IL 60601United States of AmericaT +1 312.216.1620F +1 312.216.1621
DALLAS2323 Victory AvenueSuite 700Dallas, TX 75219United States of AmericaT +1 214.651.5000F +1 214.651.5940
DALLAS ‐ NORTH6000 Headquarters Dr.Suite 200Plano, TX 75024United States of AmericaT +1 972.739.6900F +1 972.680.7551
DENVER1050 17th StreetSuite 1800 Denver, CO 80265United States of AmericaT +1 303.382.6200F +1 303.382.6210
FORT WORTH301 Commerce StreetSuite 2600 Fort Worth, TX 76102 United States of AmericaT +1 817.347.6600F +1 817.347.6650
HOUSTON1221 McKinney StreetSuite 4000Houston, TX 77010United States of AmericaT +1 713.547.2000F +1 713.547.2600
LONDON1 New Fetter Lane London, EC4A 1AN United KingdomT +44 (020) 8734 2800F +44 (020) 8734 2820
MEXICO CITYTorre Esmeralda I, Blvd.Manuel Ávila Camacho #40Despacho 1601Col. Lomas de Chapultepec, DF 11000 Mexico City, MexicoT +52.55.5249.1800F +52.55.5249.1801
NEW YORK30 Rockefeller Plaza26th FloorNew York, NY 10112United States of AmericaT +1 212.659.7300F +1 212.918.8989
ORANGE COUNTY600 Anton BoulevardSuite 700Costa Mesa, CA 92626United States of AmericaT +1 949.202.3000F +1 949.202.3001
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OFFICE LOCATIONS