Fieldwood Energy LLC announced Tuesday that it has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas.
The company said it will continue to operate its business safely in the normal course during the pendency of the Chapter 11 cases and added that it will continue working with its vendors, co-working interest owners and employees to support operations. Fieldwood Energy noted that it expects to have access to sufficient liquidity to meet financial obligations during the restructuring.
“Today's announcement reflects the next step in our efforts to respond to the challenging market environment and Fieldwood’s liabilities,” Mike Dane, Fieldwood Energy’s senior vice president and chief financial officer, said in a company statement posted on the firm’s website.
“Over the last several months, we have worked collaboratively with numerous important stakeholders to evaluate our options and proactively manage our balance sheet,” he added in the statement.
“The transactions contemplated in our restructuring support agreement to be implemented through Chapter 11 represent the best course of action for Fieldwood and all our stakeholders and we look forward to implementing this plan,” the company’s senior vice president continued.
Fieldwood Energy describes itself as one of the largest operators in the Gulf of Mexico (GOM). The company produces more than 130,000 barrels of oil equivalent per day from assets in the shallow continental shelf and deepwater U.S GOM and Gulf Coast region, according to its website.
Fieldwood Energy was established in September 2013 with the acquisition of Apache’s GOM Shelf business. This acquisition was followed by the purchase of SandRidge’s GOM and Gulf Coast business units. In April 2018, the company expanded its deepwater GOM presence through the acquisition of Noble Energy’s deepwater assets.
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