A Texas-based oil and gas company files for bankruptcy
OKLAHOMA CITY (AP) — Texas oil and gas company Sable Permian Resources has recently filed for bankruptcy.
Sable Permian Resources filed for Chapter 11 bankruptcy protection last week in federal bankruptcy court in Houston, according to a news release.
Permian Resources was once part of American Energy Partners, a company founded by Aubrey McClendon in 2013, The Oklahoman reported Tuesday. American Energy announced it would close in 2016, splitting up operations into separate companies, including Permian Resources. In 2017, it became Sable after the company reached a $1 billion deal with creditors to continue operating.
The company and its affiliates said the bankruptcy filing will allow them to position the companies for long-term success.
If first day motions are approved, the companies would be able to to continue operations. They arranged $150 million for that.
Chesapeake Energy, which McClendon also founded, filed for bankruptcy this week.