Energy Future filed its $42 billion bankruptcy last year with a plan to break itself in two, giving each part to different sets of creditors. Groups that felt left out of that proposal have been fighting since then.
Houston-based Freeport-McMoRan Oil & Gas Inc. could be the first U.S. oil producer to launch an initial public offering this year, a sign that investors are figuring out what values to put on private oil and gas companies amid relatively steady $60 crude.
Today’s efficiency gains, especially those driven by 20 to 30 percent discounts off the cost of oil field tools and services, could be short lived if drilling rigs ride high again after the end of the downturn, which will come sooner or later.
Sabine is just the latest U.S. oil producer to show signs of financial stress in the oil market crash. Oil producers Quicksilver Resources, Dune Energy, BPZ Resources and American Eagle Energy have all filed for bankruptcy protection this year.
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