- American City Business Journals•9 months ago
Irving-based oil and gas producer Magnum Hunter Resources and its affiliates filed for Chapter 11 bankruptcy protection Tuesday, becoming one of the biggest energy companies to file this year. Magnum Hunter plans to execute a debt-reduction plan as the continuing plunge in oil prices has depleted the company's cash. The company will convert its funded debt into equity, significantly reducing its more than $1 billion in debt, according to a company statement.
- American City Business Journals•10 months ago
Per usual, Rice Energy Inc. (RICE) owns the top natural gas well in eastern Ohio's Utica shale play. The Pennsylvania driller had a bona-fide monster on its hand in the third quarter of 2015, with its Mohawk Warrior 8H well in Belmont County producing 1.8 billion cubic feet of gas. Twenty-two companies produced natural gas from July through September, according to the latest figures from the Ohio Department of Natural Resources.
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