I hope that you joined us at the TMA Distressed Investing Conference in Las Vegas. It was a terrific event, and we were very happy to see so many of you back in person. TMA will continue putting on great networking and education events in 2022, so if we missed you in Las Vegas, we hope to see you...
As we enjoy the afterglow of one of most successful and meaningful Distressed Investing Conferences TMA has experienced in recent years, we look at our year of Innovation through Disruption, and we revel in the opportunities that lie ahead. In a year where our membership retention is at historic...
Change is hard. This bromide—so beloved by the uninspiring TED speaker and corporate hatchet man alike—is both obvious and trite. It’s also true. Adapting to the changes that inevitably appear in business and life is difficult. Indeed, if more businesspeople were better at this task, many...
Oil & Gas Distress: Price and Quantity Considerations beyond COVID-19
Oil prices had already tumbled in 2020 before the additional shock from COVID-19 shutdowns. What led up to this volatility, and where will the energy markets go from here?
Crude oil and natural gas hit peak prices in mid-2014, with U.S. crude oil hitting $107 per barrel in June of last year. Since then, prices have fallen precipitously, reaching a low of less than $50 per barrel for U.S. crude in late January before rising somewhat in recent months and then falling...
The oil and gas industry is driven by the price of its commodity, fossil fuels, which varies—sometimes dramatically. Although huge swings in value are rare, the recent 50 percent drop in the price of oil (with some analysts predicting a drop to $20 per barrel), combined with historically low...
In the past five years nonconventional U.S. oil production has increased more than six-fold and by the end of 2014 had achieved the highest production levels of U.S. crude in 41 years. This explosive growth was fueled by the doubling of exploration and production (E&P) capex in extraction from...
The current chapter on the energy industry would be incomplete without insights from the field. The energy boom and subsequent bust led to some fairly extreme situations caused by some of the unique facets of the energy industry, the locations in which the energy boom played out, and the...
The Chapter 11 filing of SunEdison Inc. on April 21, 2016, marked the end of an extremely wild ride for shareholders of the world’s largest renewable-energy development company. Considered both a hedge fund and retail investor darling at its peak, SunEdison enjoyed a more than 2,100 percent...
Distressed cycles often test the limits of “market” terms and documentation principles prevalent in industry-specific financing arrangements. For independent oil and gas exploration and production (E&P) companies, the industry turmoil that peaked in 2015-2016 put the fundamentals of reserve-...
