When Gushers Go Dry: The Essentials of Oil and Gas Bankruptcy

Perhaps more than any other industry, the U.S. oil and gas industry is vulnerable to the effects of myriad internal and external factors, ranging from global credit markets to domestic and foreign geopolitical events, and from technological developments and limitations to population growth and even the weather. These factors contributed to a dramatic increase in restructurings and bankruptcy filings during the first decade of the 21st century. Bankruptcy cases involving exploration and production companies raise unique issues, resulting from the interplay among the Bankruptcy Code, federal and state laws, the regulatory structure governing the energy industry, and the political and practical realities of the industry's significance on national, regional and local levels. When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy is intended to give practitioners a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt, presenting in detail the issues that are specific to this highly specialized industry.