April 16, 3 p.m. EDT, 2 p.m. CDT, 1 p.m. MDT, noon PDT (2 hour webinar)
Registration for this Webinar is closed.
Webinar registrants will be able to credit the entire webinar registration fee against the registration fee for in-person attendance at the upcoming Special Institute on Distress and Bankruptcy: Practical Advice for the Oil & Gas Industry on November 3-4, 2020, in Denver, Colorado.
Registration opens this summer!
The prolonged demand shock caused by the COVID-19 shutdown, coming on the heels of the supply shock resulting from the breakdown of OPEC+ negotiations on quotas, has pushed many oil and gas companies into financial distress. This course will survey the range of initial legal responses within the sector, including short-term strategies to navigate the immediate crisis and ways that companies are beginning to prepare for long-term, sustained volatility in hydrocarbon commodities and products prices. We will examine practical legal solutions to the real world problems that folks in the oil patch are now facing, such as how to communicate and negotiate with lenders, how to address stop-work notices/declarations of force majeure (from both the delivering end and the receiving end), how to deal with compliance issues and seek relief from regulatory agencies, and how to deal with non-payment from operators and vendors.
Working with Contractors and Suppliers
- Force majeure provisions
- Impossibility and frustration of purpose
- Negotiations to avoid or forestall litigation
- Shutting in wells under oil and gas leases
Working with Regulatory Agencies
- Working with the BLM, BSEE, and other government agencies
- New DOI actions that may impact operators
- Regulatory compliance during the crisis
- Lease extensions and enforcement
- Potential sources of government relief
Working with Lenders and Other Creditors
- Managing the need for liquidity
- Hedging covenants during times of low or shut-in production
- Shutting in wells under credit facilities
- Avoiding defaults and foreclosures
- Common issues to consider when negotiating forbearance agreements
- How to deal with borrowing base redeterminations
- When to consider bankruptcy or restructuring
Two Hours of CLE available!