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Acreage dedications in midstream oil and gas contracts have been subject to considerable scrutiny and legal debate in recent years. This article provides an overview of the current state of acreage dedications, examining key...more
In a leading precedent handed down in 2018—Sabine Oil & Gas Corp. v. Nordheim Eagle Ford Gathering, LLC (In re Sabine Oil & Gas Corp.), 734 Fed. Appx. 64 (2d Cir. May 25, 2018)—the U.S. Court of Appeals for the Second Circuit...more
The oil and gas industry in the United States is highly dependent upon an intricate set of agreements that allow oil and gas to be gathered from privately owned land. Historically, the dedication language in oil and gas...more
- Current Climate: Discussion of the current restructuring environment.? - Tactical Considerations: The pros and cons of purchasing through bankruptcy and the differences between jurisdictions.? - Process Questions:...more
Even before coronavirus concerns, the slump in oil demand placed considerable financial stress on oil exploration and production companies. With Saudi Arabia and Russia unable to reach an agreement on crude production, oil...more
On December 20, 2019, the Bankruptcy Court for the Southern District of Texas in Alta Mesa Holdings, LP v. Kingfisher Midstream, LLC (In re Alta Mesa Resources, Inc.) held that dedications in gathering agreements create...more
Dedication language is critical in determining whether a gathering agreement creates a covenant running with the land. Midstream companies now have a roadmap for ensuring that a debtor remains subject to a midstream...more
The Sabine Oil & Gas Corp. chapter 11 bankruptcy has been closely watched by many for guidance on how to structure midstream gathering agreements between upstream producers and midstream gatherers (who gather, transport and...more
On May 25, 2018, the United States Court of Appeals for the Second Circuit confirmed in re Sabine Oil & Gas Corp. that a midstream gathering agreement did not create a real covenant that ran with the land, and therefore, a...more
One of the hottest issues from 2016 was whether an E&P debtor can reject, under section 365 of the Bankruptcy Code, an above-market midstream contract. Given the potential for a “no-win” situation, in all but one case where...more
In previous Energy newsletters, we have addressed one of the current hot topics in E&P bankruptcy cases – rejection of midstream contracts and declaratory relief that the “dedications” contained in those agreements are not...more
The issue of whether gathering agreements are subject to rejection in bankruptcy as executory contracts and whether certain provisions of those agreements run with the land and survive rejection will impact ongoing bankruptcy...more
By now, both producers and midstream companies are aware of the Bankruptcy Court decisions in the Sabine bankruptcy proceedings (i) rejecting the gas gathering agreements as executory contracts and (ii) determining that the...more
On June 16, 2016, The Bankruptcy Cave gave you our summary of the controversial Sabine decision. At that time, post-hearing motions were pending. As luck would have it (we at The Bankruptcy Cave should start wagering on...more
On March 9, 2016, Bankruptcy Judge Shelley Chapman of the Southern District of New York issued her decision on the Debtor’s motion to reject certain contracts in Sabine Oil & Gas Corporation’s Chapter 11 case. The decision,...more
Lessons from Sabine - In March, Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream...more
Recently, the Bankruptcy Court for the Southern District of New York issued an opinion in In re Sabine Oil & Gas Corp. that permitted the debtor, Sabine Oil & Gas Corporation ("Sabine") to reject certain gathering and...more
Continuing low oil and natural gas commodity prices have led to bargain prices at the pump, but also high tension in many boardrooms. This strain on the industry has resulted in many exploration and production, or “E&P,”...more
Managing In-Project Disputes in Major Construction Projects - What do you do when an unforeseen event threatens to increase the costs or time necessary to complete a major construction project? At first, it may seem...more
In a much anticipated ruling, Bankruptcy Judge Shelley Chapman has granted the motion of Sabine Oil and Gas Corporation (No. 15-11835, USBC SDNY) to reject certain executory contracts with Nordheim Eagle Ford Gathering, LLC...more