Oklahoma City energy company files for bankruptcy protection

The Associated Press

 

An Oklahoma City-based oil-field services company has filed for Chapter 11 bankruptcy protection as it aims to eliminate more than $1 billion in debt.

 

OKLAHOMA CITY (AP) — An Oklahoma City-based oil-field services company has filed for Chapter 11 bankruptcy protection as it aims to eliminate more than $1 billion in debt.

Seventy Seven Energy Inc. announced Tuesday that it filed for bankruptcy protection in federal court in Delaware. The company, which was spun off in 2014 from Chesapeake Energy Corp., says it expects to complete the reorganization within 60 days.

Seventy Seven Energy is the latest Oklahoma energy company to file for bankruptcy protection because of the downturn in oil and natural gas prices. Last month, both SandRidge Energy and Chaparral Energy filed for Chapter 11 bankruptcy protection.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013