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These Two Eagle Ford E&Ps; are Struggling; Might Restructure
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Sanchez Energy, today annouced that the company has opted to file for chapter 11 bankruptcy. During the process the company said it has received committments from its senior lenders in the amount of $175 million. Read more here..
Sanchez is currently operating 2 rigs in the Eagle Ford (Dimmit and Gonzales) down from 3 rigs earlier. The company was operating 1 frac crew earlier in the year, however that crew was released at the end of Q2.
A look at the chart below shows you how drastic the company has cut completion activity to preserve capital this year.
Top out Sanchez Energy slowdown in context, lets consider for a moment that the company completed the second most wells in the Eagle ford in 2018.
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