Vanguard Oil Rigs

February 7, 2017 Comments Off on Another Oil Company Files for Bankruptcy Views: 313 Texas - Other, Texas News

Another Oil Company Files for Bankruptcy

Vanguard Natural Resources, based in Houston, filed for bankruptcy protection, with the intent of cutting $708 million of its existing $2.3 billion debt. Vanguard is a 10-year-old exploration and production company.

Vanguard Chief Executive Scott Smith indicated that restricting would help the company be “better positioned to weather this new lower-for-longer commodity price environment,” while helping improve the company’s financial security.

In 2015, Vanguard acquired Houston-based LRR Energy for more than $250 million, then acquired Eagle Rock Energy Partners, also in Houston, for $474 million. In 2016, the company sold approximately $280 million worth of Oklahoma oil patch holdings to Titanium Exploration Partners to help cut its debt. But Smith acknowledged it wasn’t enough.

Read More at Fuel Fix

Subscribe to Connect Daily Texas

For comments, questions or concerns, please contact Amy Sorter

For advertising information, please contact Joni Margotta

Comments are closed.