EP Energy files for bankruptcy amid struggles
Houston's EP Energy filed for bankruptcy protection Friday morning, the latest of a recent string of energy companies to pull the trigger on Chapter 11 bankruptcy.
EP Energy is a Texas oil and gas producer that has struggled for years, finally reaching the tipping point amid continued depressed crude oil pricing and looming debt payments.
EP Chief Executive Russell Parker said the company has debt restructuring deals with several creditors and will work with the remaining ones to develop a complete reorganization so the company can cut down on its debt load and return to viability.
"Like other companies in our industry, we continue to experience challenging dynamics as a result of depressed commodity prices, and we have been very transparent about our ongoing efforts to actively manage our capital to control spending and preserve liquidity," Parker said.
Read more: https://www.mrt.com/business/energy/article/EP-Energy-files-for-bankruptcy-14491832.php
(Midland Reporter-Telegram)
