Doug ...if you cant drill in shale ...the decline rates come home with a vengance...I google US oil banruptcy once a week and there is always lots to read
just now...Triangle
https://www.bloomberg.com/news/articles/2016-06-30/triangle-usa-petroleum-oil-and-gas-explorer-files-bankruptcy
these guys are not getting cash from the banks period here are 2 more ... its pretty steady
Energy XXI Severance, Compensation Programs Approved
The U.S. Bankruptcy Court approved Energy XXI's motion for entry of an order authorizing the Debtors to pay severance to non-insider employees. As previously reported, "During the prior 12 months, the average cash severance payment to each Eligible Employee severed by the Debtors has totaled approximately $115,000. The Debtors now seek to continue to honor severance obligations to non-insider Eligible Employees under the Severance Program - which the Debtors did not seek to, continue in the first-day wages and benefits motion [Docket No. 7] - on a post-petition basis….Furthermore, by honoring commitments to severed employees on account of the Severance Program, the Debtors' will incentivize and motivate their remaining non-insider Eligible Employees to maximize performance despite the challenging business climate, and thus confer an additional and important benefit on the Debtors' estates." The Court also approved the Debtor's non-insider compensation program. As previously reported, "This Motion seeks the approval, on a post-petition basis, of the Debtors' longstanding prepetition non-insider employee compensation program (the 'Non-Insider Compensation Program') applicable to the Debtors' critical non-insider key employees...the Non-Insider Compensation Program - which was adopted in 2006 and continued in each successive fiscal year - contemplates annual incentive compensation to approximately 239 Participants, which payments are expected to total approximately $4.5 million for the 2016 fiscal year (an average of approximately $18,900 per Participant)."
Midstates Petroleum Company SEIP/KEIP Approval Sought
Midstates Petroleum Company filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing and approving the Debtors' senior executive incentive plan (SEIP) and key employee incentive (KEIP). The motion explains, "Continuation of the SEIP is a proper exercise of the Debtors' business judgment. The SEIP properly incentivizes the Senior Executives, who possess the leadership skills and expertise critical to the Debtors' ability to generate value for the Debtors' creditors....Accordingly, the Debtors have carefully structured the SEIP to improve operational performance while managing costs. By linking the Senior Executives' increased compensation opportunities to these various operational goals, the SEIP successfully and fairly aligns the interests of the Debtors, their employees, and their stakeholders....The continuation of the KEIP is a proper exercise of the Debtors' business judgment and should be approved. The Non-Insider Employees rely on their incentive awards as an integral component of their overall compensation. The KEIP signals to the Non-Insider Employees that their hard work and dedication will still be rewarded during a time of significant, ongoing stress for the Debtors' rank-and-file workforce."