Oil and Gas Restructuring and Bankruptcy: Leases, Treatment of JOAs, Lien Rights and Priorities, DIP Financing

Recording of a 90-minute premium CLE webinar with Q&A


Conducted on Thursday, November 12, 2020

Recorded event now available

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Program Materials

This CLE webinar will provide attorneys with guidance on the unique legal issues for exploration and production (E&P) companies in oil and gas restructurings and bankruptcies. The panel will explain the factors making restructuring difficult and procedural pitfalls to avoid in bankruptcy, discuss the implications and potential ramifications, and outline strategic approaches for restructuring and bankruptcy.

Description

Oil and gas companies have struggled during the COVID-19 pandemic forcing many of them to consider restructuring and bankruptcy. For distressed E&P companies and their lenders, there are significant legal issues and several factors that make restructuring incredibly complex.

Among the issues that E&P companies and their counsel face are the characterizations of oil and gas leases under Sec. 365 of the Bankruptcy Code, joint operating agreements (JOAs) in bankruptcy, lien rights and priority, and debtor in possession financing. Counsel to distressed E&P companies, those engaged in business with them, and lenders must carefully consider the implications of the unique issues when framing a restructuring strategy.

Listen as our authoritative panel of practitioners examines the unique issues facing E&P companies in oil and gas restructurings. The panel will discuss debtor in possession financing; investor interests and recovery in bankruptcy; plugging and abandonment liability; oil and gas contractors' liens; JOAs and farmout agreements in bankruptcy; and other issues. The panel will offer guidance for restructuring and the implications of special issues.

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Outline

  1. Issues in oil and gas restructuring and bankruptcy
  2. Strategic approaches to restructuring for E&P companies
  3. Treatment of leases, JOAs, and liens
  4. Debtor in possession financing
  5. Best practices for counsel

Benefits

The panel will review these and other key issues:

  • What are the unique issues facing oil and gas E&P companies when it is time to restructure or file for bankruptcy?
  • What impact will these unique issues have on restructuring?
  • What steps can counsel take to minimize the risk of fraudulent transfer in oil and gas transactions with distressed companies?

Faculty

Beck, John
John D. Beck

Counsel
Hogan Lovells US

Mr. Beck has a wide array of both in- and out-of-court experience, equipping him with the knowledge to achieve...  |  Read More

Crowley, Daniel
Daniel F. Crowley, III

Director
Houlihan Lokey

Mr. Crowley has more than a decade of experience executing complex transactions, including financing, M&A/A&D,...  |  Read More

Locascio, David
David W. Locascio

Partner
Hogan Lovells US

Mr. Locascio represents clients in upstream oil and gas projects; gas, oil, or CO2 pipelines; liquefied natural gas...  |  Read More

Wynne, Richard
Richard L. Wynne

Partner
Hogan Lovells US

Mr. Wynne has a national reputation for successfully representing company and creditor/bondholder clients in complex...  |  Read More

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