Province has an array of demonstrated experience in the energy, oil & gas and mining sectors. Our professionals have advised on some of the most prominent restructuring cases in this arena, including Basic Energy Services, Fieldwood Energy, Limetree Bay, Samson Resources and Maxus Energy. Province has been engaged both in and out of court to provide financial advisory services to companies, unsecured creditors’ committees, independent directors and settlement and liquidating trustees, among others.
Corporate Advisory
- Strategic Planning
- Mergers, Acquisitions, Divestitures, and Dispositions
- Interim C-Level Roles
- Valuation of Alternatives
Trust and Liquidation
- Post-Confirmation Liquidating / Litigation trustee
- Litigation Oversight
- Liquidation of Assets
- Class Action Recovery Pursuits
- Claims Resolution Strategy and Execution
Performance Improvement
- Asset Optimization
- Revenue Improvement
- Accounting and Tax Advisory
- Strategy Execution
Litigation Services
- Forensic Accounting and Due Diligence
- Solvency Opinions
- Damage Calculations and Alternatives
- Litigation Support
- IT Forensics
- Settlement Negotiations
Basic Energy Services was a publicly traded oil and gas services company that provided wellsite services to more than 2,000 oil and gas companies across the United States. Due to continued operational issues and the oil price collapse in 2020, Basic was forced to file for bankruptcy protection in 2021 with ~$331 million in assets and ~$549 million in liabilities. Province was hired to serve as financial advisor to the company and a Province Principal was hired to serve as Wind Down Director, subsequently winding down the company’s operations after the assets were divided and sold to multiple buyers. Facing the threat of chapter 7 conversion, Province effectuated a settlement with Basic’s private equity sponsor that generated $20 million in additional value to creditors while preserving claims against a $50 million D&O policy. Province successfully confirmed a chapter 11 plan of liquidation and monetized nearly $60 million in gross asset value during its engagement. Upon confirmation of the plan, Province’s Principal (who served as Wind Down Director) went on to serve as Liquidating Trustee while Province served as financial advisor to the Liquidating Trustee.
Role
Financial Advisor to the Company & Wind Down Director
Liquidating Trustee & Financial Advisor to the Liquidating Trustee
Date
November 2021 – August 2022
August 2022 – present
Sector
Oil & Gas
Griddy Energy LLC was a retail electric provider in Texas that provided its customers with access to the wholesale electricity market without a markup. Griddy Energy filed for chapter 11 protection on March 16, 2021, after it was forced to subject customers to record high energy prices due to the unprecedented Texas winter storm event that occurred in early 2021. Province was engaged as the financial advisor to the Official Committee of Unsecured Creditors. Province worked with counsel to negotiate a settlement with the company’s prepetition lenders and owners whereby general unsecured creditors would receive a cash settlement and share in the proceeds of litigation proceeds derived from the 2021 Texas winter storm.
Role
Financial Advisor to the Official Committee of Unsecured Creditors and Liquidating Trustee
Date
April-August 2021
July 2021- present
Sector
Energy
HONX Inc., a subsidiary of Hess Corporation, filed for bankruptcy on April 28, 2022 as a result of litigation brought by plaintiffs exposed to asbestos at the company’s St. Croix refinery from 1965 through 2012. During the case, to date, approximately 1,000 former employees, contractors and other individuals who had secondary exposure filed claims against the company. Province serves as financial advisor to the Official Committee of Unsecured Creditors, which is entirely comprised of asbestos creditors. In its role, Province has assisted the committee in assessing the asbestos liability of the Debtor and its non-Debtor affiliates by valuing each claim based on certain medical testing data and assessing the current claims population in comparison to prior settled claims, whether with Hess or non-Hess entities. Province has also developed a future claims forecast to support mediation efforts between the UCC’s constituency, the Future Claims Representative, the Debtor and Hess. Additionally, Province assisted in mediation efforts by creating and maintaining a comprehensive claims database to be used by all case parties. Province’s work for the UCC remains ongoing.
Role
Financial Advisor to the Official Committee of Unsecured Creditors
Date
May 2022 – present
Sector
Oil & Gas
Fieldwood Energy LLC was an energy company engaged in the exploration and production of oil and gas in the United States. Due to adverse market conditions and impacts from the COVID-19 pandemic, Fieldwood filed for chapter 11 protection for the second time in 2020, two years after their original 2018 bankruptcy case. A Province Principal was hired to serve as Plan Administrator and Sole Manager, and Province was hired to serve as financial advisor to the Plan Administrator. As Plan Administrator and Sole Manager, the Province Principal was responsible for all day-to-day operations of the legacy company, Fieldwood III, and its various other entities. Throughout the case, Province assisted with the decommissioning and P&A of numerous properties, navigated complex interactions and compliance issues with regulatory agencies, performed claims reconciliation and pursued causes of action.
Role
Plan Administrator and Financial Advisor to the Plan Administrator
Date
September 2021 – present
Sector
Energy