Saturday, March 28, 2020

The Bailouts And Bankruptcies Will Start Coming, Fast And Furious -- March 28, 2020

See this post also.

List of bailouts, bankruptcies, mergers, changes in ownership of major crude oil holdings, etc. will be tracked here. We start with the first one out of the gate: Rosneft's Venezuelan assets. Next to watch: Chevron's assets in Venezuela.

Rosneft sells all Venezuelan assets to the Russian government. See below.

Doomsday Chronicles:

September 3, 2020: Bruin E&P emerges early from pre-packaged bankruptcy / reorganization.

August 20, 2020: Valaris Plc, files for bankruptcy. Seeks to offload $7 billion in debt. 

August 3, 2020:
  • Men's Warehouse files for bankruptcy, link here;
  • Lord & Taylor files for bankruptcy, link here;

July 30, 2020: Bruin E&P files for bankruptcy

July 21, 2020: "Fracking pioneer" BJ Services files for bankruptcy.

July 20, 2020: Briggs & Stratton files for bankruptcy. A century-old, Milwaukee-based company. 

July 8, 2020: Ann Taylor prepares for bankruptcy.

July 8, 2020: Brooks Brothers -- oldest US men's retailer -- to file for bankruptcy.

June 28, 2020: Chesapeake files for bankruptcy.

June 10, 2020: Chesapeake Energy preparing to file for bankruptcy

May 27, 2020: bakery chain Le Pain Quotidien's US arm files bankruptcy

May 23, 2020: Hertz files for bankruptcy protection. 

May 21, 2020: Macy's with huge losses. Victoria's Secret to permanently close 250 stores; parent will also close 50 Body and Bath stores.

May 20, 2020: Pier 1. Walked the plank.

May 18, 2020: JC Penney.

May 17, 2020: five companies on brink of collapse --  OXY, Chesapeake Energy, NOG, Denbury Resources, Transocean.

May 15, 2020: Hornbeck Offshore. 

May 13, 2020: California Resources: in talks for $600 million bankruptcy loan?

May 4, 2020: Chesapeake Energy preparing bankruptcy filing

May 4, 2020: J. Crew files for bankruptcy

April 29, 2020: Oasis to stop operations in the Bakken. CLR announced that it would stop production in the Bakken about a week ago. 

April 27, 2020: Diamond Offshore files for bankruptcy Year-end 2019 data:
  • $5.8 billion in assets
  • $2.6 billion in debt
  • $434.9 million in cash on hand
Diamond owns rigs that can drill in water more than two miles deep. But offshore oil is among the most expensive to produce, putting the company at a disadvantage when prices plunged to less than $30 a barrel.
While newer deepwater projects are less expensive, they still take longer to develop than shale wells and they still can’t compete on costs. What’s more, a global glut of offshore vessels has squeezed profit margins.
April 1, 2020: Whiting files for bankruptcy

6:19 p.m. CT, Saturday, March 28, 2020: just announced. Rosneft (the company that started the OPEC+ spat with Saudi Arabia) just sold all its Venezuelan assets to the Russian government. Huge bailout. Huge. Rosneft isn't holding stranded assets on its book, but will be in a position to buy them back when things are "back to normal." The question is whether Rosneft's former assets will still be producing crude oil for export or if this is Venezuela crude oil taken off the global market. As of January, 2020:
  • Venezuela was exporting one million bopd
  • in terms of customers, Russia’s Rosneft was the largest receiver and intermediary of Venezuelan oil with 33.5% of total exports, followed by state-run China National Petroleum Corp (CNPC) and its units with 11%, and Cuba’s state-run Cubametales with 7%. 
  • Background, from wiki: Igor Ivanovich Sechin is a Russian oligarch and former government official, considered a close ally and "de facto deputy" of Vladimir Putin. Sechin is often described as one of Putin's most conservative counselors and the leader of the Kremlin's Siloviki faction, a lobby gathering former security services agents. Until 21 May 2012, he served as Deputy Prime Minister of Russia in Vladimir Putin's cabinet, and he is currently the Chief Executive Officer, President and Chairman of the Management Board of Rosneft, the Russian state oil company. His nickname is Darth Vader

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