Thu, Aug. 4, 4:50 PM
Wed, Aug. 3, 5:35 PM
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Mon, Aug. 1, 2:38 PM
Mon, Jul. 25, 2:13 PM
- W&T Offshore (WTI -0.2%), struggling to ride out the energy industry’s prolonged slump, offers to give its bondholders a 45% stake in the company plus new debt that is allowed to skip cash payments.
- Owners of WTI's $900M of 8.5% senior notes due 2019 can swap them for as much as 62.1M common shares, $202.5M of second-lien pay-in-kind toggle notes due 2020 and $180M of unsecured PIK toggle notes due 2021.
- Credit analyst Spencer Cutter tells Bloomberg that the swaps may or may not keep the company alive in the long term - that depends on oil prices - but "it buys time. I don’t think the lenders would be willing to put in new capital if they thought there was a chance the company was still going to go under in the near term.”
Tue, Jul. 12, 6:24 PM
- U.S. oil drillers failed to pay $28.8B owed to junk-bond investors this year, bringing the sector's debt default rate to a record level, according to a new report from Fitch Ratings.
- H1 defaults among all high-yield issuers hit $50.2B, topping the $48.3B total defaults for all of 2015, and are on track to reach as high as $90B by year-end, Fitch says; the H1 default rate was a six-year high 4.9%, with an energy default rate of 15% and an E&P sector default rate of 29%.
- The default rate among energy explorers could climb to 35% this year, says Eric Rosenthal, Fitch's senior director of leveraged finance, as more drillers such as Halcón Resources (NYSE:HK), which has $2.5B in outstanding bonds, are expected to file for Chapter 11 bankruptcy protection.
- Fitch’s watch list for companies that potentially could fail to repay their debts includes Venezuela’s state-owned PDVSA, W&T Offshore (NYSE:WTI) and Key Energy Services (NYSE:KEG).
Wed, May 4, 5:15 PM
Tue, May 3, 5:35 PM
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Fri, Apr. 15, 5:36 PM
Mon, Mar. 28, 1:20 PM
- W&T Offshore (WTI -4.6%) faces a financial crunch after a lender redetermination cut its borrowing base to $150M from $350M, the company announced after Thursday's close.
- WTI says drew $340M on its revolving bank credit facility during February and now has borrowings of $191M in excess of the redetermined borrowing base.
- Stone Energy (SGY -13.6%), another company that has drawn down most of the amount remaining under its credit facility, also is lower after the U.S. Bureau of Energy Management determined that SGY no longer qualifies for a supplemental bonding waiver.
Thu, Mar. 17, 9:15 AM| Thu, Mar. 17, 9:15 AM
Mon, Mar. 14, 9:17 AM
Fri, Mar. 11, 9:17 AM
Tue, Mar. 8, 9:47 PM
- W&T Offshore (NYSE:WTI): Q4 EPS of -$0.44 beats by $0.39.
- Revenue of $104.1M (-47.1% Y/Y) misses by $18.43M.
Tue, Mar. 8, 5:46 PM
Mon, Mar. 7, 5:35 PM
Tue, Feb. 9, 5:21 PM
- Standard & Poor's downgrades the junk ratings of 25 oil and gas companies on expectations of deteriorating credit quality due to low commodities prices and reduced production.
- The ratings firm, which also affirmed the ratings of an additional 20 speculative-grade E&P companies, says the ratings actions follow a revision of its price assumptions for crude oil and natural gas.
- Among companies receiving downgrades: AREX, BBG, BCEI, BBEP, CWEI, DNR, EPE, EVEP, GST, KOS, LGCY, MEMP, NOG, OAS, REN, SM, SGY, TPLM, UNT, WTI, WLL
- Last week, S&P cut the ratings of 10 U.S. oil and gas E&P companies, including investment-grade Chevron, and placed Exxon's AAA corporate rating on watch for a possible downgrade.