Ultra Petroleum Corp. (NYSE: UPL), a major victim of depressed oil and gas prices, filed for Chapter 11 bankruptcy on April 29 in Houston.
The Texas-based company, which has operations in Wyoming's Pinedale Field, Utah's Uinta Basin and Pennsylvania's Marcellus Shale, listed assets in the range of $1 billion to $10 billion, and liabilities of $1 billion to $10 billion, according to a court filing.
The company's bankruptcy shows the stress the oil and gas industry is under as oil prices stay below $50 per barrel, down from above $100 almost two years ago.
Ultra's total debt stood at about $3.9 billion as of March 31, according to its quarterly filing. The company had 167 employees as of Dec. 31.
Ultra may have to seek protection from its creditors in bankruptcy, the company said in its quarterly report filed with the U.S. Securities and Exchange Commission.
The company entered into a waiver period extending until April 30 more than $100 million in payments that were due March 1.
Ultra also deferred making a $26 million interest payment due April 1, beginning a 30 day-grace period.
Up to a third of all oil producers may end up in bankruptcy this year if commodity prices remain depressed, according to consulting firm Deloitte.
The case is in U.S. Bankruptcy Court, Southern District of Texas (Houston), Case No: 16-32202.
Recommended Reading
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
Private Equity: Seeking ‘Scottie Pippen’ Plays, If Not Another Michael Jordan
2024-01-25 - The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.