HomeWebcastLegal Issues, Ramifications and Strategic Approaches in Oil and Gas E&P Bankruptcies and Restructurings
Online CLE E&P Bankruptcies CLE

Legal Issues, Ramifications and Strategic Approaches in Oil and Gas E&P Bankruptcies and Restructurings

Live Webcast Date: Tuesday, July 18, 2017 from 12:00 pm to 1:00 pm (ET)
CLE Bankruptcy LawRecording

Online CLE E&P Bankruptcies

The past years have been tough for the oil and gas industry. The downturn in the oil prices triggered cost-cutting campaigns, including cancellation of short-cycle projects and layoff in the workforce. While the industry is optimistic to see recovery in the coming years, a recent survey places the oil and gas industry as the second biggest player in bankruptcy and restructuring activities this year. More exploration and production (E&P) companies are expected to rely on restructurings to cope up with their financial distress, and not without complex ramifications of many issues.

In this Webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will examine the latest trends and issues unique to oil and gas restructurings. They will discuss the implications of these issues and provide practical guidance for restructuring in the oil and gas industry.

Key topics include:

  • Latest Trends in the Oil & Gas Industry
  • Recent Bankruptcy and Restructuring Activities
  • Legal Issues Facing E&P Companies
  • Implications to Restructuring
  • Strategic Approach to Restructuring

Agenda

Matthew P. O'Loughlin, Principal
The Brattle Group
  • Current Oil & Gas Market Conditions
  • Recapitalizing for a Low Energy Price Environment
  • Addressing Energy Price Uncertainty
    • In Recapitalization
    • In Valuation
  • Valuing Pipeline and Gathering Contract Claims
    • Appropriate mitigation
    • Renegotiating terms

Gregory E. Scheig, Principal
ValueScope Inc.

Netherland Sewell’s Reserve Report

  • Conclusions
  • Required Assumptions in all reserve reports
  • Key Inputs from Management

Debtor’s FMV Valuation

  • Forward multiples
  • Comparable Companies
  • Expected Growth
  • Single Point Estimates

Rebuttal Points

  • FMV – would a seller accept that value?
  • TTM Multiples
  • Assumptions for Reserve Report / DCF
  • Discount Rate – not a mechanical 10%
  • Probabilistic versus Deterministic
    • Probabilistic better captures future risk/return criteria
    • Confidence intervals may be calculated
    • Is a PUD valued at zero today really worth $0.00?  Would you sell it for that?
  • My conclusion
  • Outcome:  Case was settled and equity shareholders improved their position over and above their previous offer from the debtor

Who Should Attend

  • Bankruptcy and Restructuring Lawyers/Practitioners
  • Legal Advisers
  • Exploration and Production (E&P) Companies
  • Lenders
  • Financial Executives
  • Oil and Gas Investors
  • Oil and Gas Contractors
  • Directors and Executives from Energy Sectors
  • Investment Advisers
  • Risk Analysts & Controllers

Online CLE E&P Bankruptcies

Matthew P. O'Loughlin, Principal
The Brattle Group
  • Current Oil & Gas Market Conditions
  • Recapitalizing for a Low Energy Price Environment
  • Addressing Energy Price Uncertainty
    • In Recapitalization
    • In Valuation
  • Valuing Pipeline and Gathering Contract Claims
    • Appropriate mitigation
    • Renegotiating terms

Gregory E. Scheig, Principal
ValueScope Inc.

Netherland Sewell’s Reserve Report

  • Conclusions
  • Required Assumptions in all reserve reports
  • Key Inputs from Management

Debtor’s FMV Valuation

  • Forward multiples
  • Comparable Companies
  • Expected Growth
  • Single Point Estimates

Rebuttal Points

  • FMV – would a seller accept that value?
  • TTM Multiples
  • Assumptions for Reserve Report / DCF
  • Discount Rate – not a mechanical 10%
  • Probabilistic versus Deterministic
    • Probabilistic better captures future risk/return criteria
    • Confidence intervals may be calculated
    • Is a PUD valued at zero today really worth $0.00?  Would you sell it for that?
  • My conclusion
  • Outcome:  Case was settled and equity shareholders improved their position over and above their previous offer from the debtor

Online CLE E&P Bankruptcies

Online CLE E&P Bankruptcies

Matthew P. O'LoughlinPrincipalThe Brattle Group

Mr. O'Loughlin specializes in regulatory economics and valuation as applied to the natural gas, oil pipeline, and electric power industries. He testifies frequently on complex regulatory and rate matters before the U.S. Federal Energy Regulatory Commission, state public utility commissions, and the National Energy Board of Canada. His regulatory work has addressed cost of service elements, rate design, price index formation, contract evaluation, industry restructuring, new market entry, merger evaluation, and market manipulation.

Mr. O’Loughlin also has extensive experience valuing energy companies, assets, and contracts in the context of litigation, bankruptcy, merger, and tax proceedings. He has testified in federal and state courts and arbitration proceedings on the valuation of commercial damages.

Mr. O’Loughlin previously served as Brattle’s president and chief executive officer, chief operating officer, and energy practice area leader.

Online CLE E&P Bankruptcies

Gregory E. ScheigPrincipalValueScope Inc.

Mr. Scheig has more than 25 years of consulting and valuation experience, with specific expertise in energy valuations and litigation support.  Representative projects include valuing oil and gas reserves, E&P, midstream, oilfield service companies as well as electric and gas utility analyses.  In addition to the energy sector, he also provides valuation and financial consulting services to companies in a broad range of sectors including Healthcare and Technology.

Mr. Scheig has performed hundreds of valuations involving common stock, preferred stock and financial derivatives.

As an expert witness, Mr. Scheig has provided deposition and courtroom testimony in bankruptcy matters, as well as tax valuations, and economic damages in a variety of legal settings.

Mr. Scheig previously worked with national valuation firms Kroll Associates, Inc. and CBIZ Valuation Group, LLC where he led their Dallas practices. Prior to that, he was a senior manager with both Deloitte Consulting and FINANCO, Inc. in Austin.

Online CLE E&P Bankruptcies

Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   Experience in environmental or energy law

Course Code:
   146264

NASBA Field of Study:
   Specialized Knowledge - Technical

NY Category of CLE Credit:
   Areas of Professional Practice

Total Credit:
    1.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

The Brattle Group provides regulatory and litigation support to all sectors of the natural gas and petroleum industries, from wellhead to end-user, for market participants worldwide. We provide economic expert testimony in regulatory and legal disputes over pricing, royalty disputes, prudence and cost recovery, terms of access, and contract performance.

Our experts analyze the competitiveness of exploration and production, midstream refining and processing markets, transportation and storage, wholesale and end-use markets in the context of restructuring proceedings, antitrust disputes, mergers and acquisitions, and government inquiries. We assess and testify about damages from breached or prematurely terminated contracts. We also provide strategic advice to clients on service design and pricing, asset valuation, and risk management as it relates to gas procurement. Learn more at brattle.com.

Website: https://www.brattle.com/

ValueScope is a leader in the application of financial and economic analysis to value measurement, litigation support, and aiding shareholder value growth. Our financial experts include seasoned Chartered Financial Analysts (CFA’s), Certified Public Accounts (CPA’s), PhD’s, MBA’s and Engineers.

Website: https://www.valuescopeinc.com/

Mr. O'Loughlin specializes in regulatory economics and valuation as applied to the natural gas, oil pipeline, and electric power industries. He testifies frequently on complex regulatory and rate matters before the U.S. Federal Energy Regulatory Commission, state public utility commissions, and the National Energy Board of Canada. His regulatory work has addressed cost of service elements, rate design, price index formation, contract evaluation, industry restructuring, new market entry, merger evaluation, and market manipulation.

Mr. O’Loughlin also has extensive experience valuing energy companies, assets, and contracts in the context of litigation, bankruptcy, merger, and tax proceedings. He has testified in federal and state courts and arbitration proceedings on the valuation of commercial damages.

Mr. O’Loughlin previously served as Brattle’s president and chief executive officer, chief operating officer, and energy practice area leader.

Mr. Scheig has more than 25 years of consulting and valuation experience, with specific expertise in energy valuations and litigation support.  Representative projects include valuing oil and gas reserves, E&P, midstream, oilfield service companies as well as electric and gas utility analyses.  In addition to the energy sector, he also provides valuation and financial consulting services to companies in a broad range of sectors including Healthcare and Technology.

Mr. Scheig has performed hundreds of valuations involving common stock, preferred stock and financial derivatives.

As an expert witness, Mr. Scheig has provided deposition and courtroom testimony in bankruptcy matters, as well as tax valuations, and economic damages in a variety of legal settings.

Mr. Scheig previously worked with national valuation firms Kroll Associates, Inc. and CBIZ Valuation Group, LLC where he led their Dallas practices. Prior to that, he was a senior manager with both Deloitte Consulting and FINANCO, Inc. in Austin.

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