(Reuters) - Bonanza Creek Energy Inc (BCEI.N) and two other energy firms announced on Friday plans to file for bankruptcy in coming weeks, joining a long list of U.S. energy companies that have succumbed to a drop in oil prices.

Oil and gas producers Bonanza Creek and Memorial Production Partners LP MEMP.O and oilfield services provider Forbes Energy Services Ltd FESL.PK each said they had a plan to reduce debt and transfer ownership to creditors.

Global oil prices LCOc1 have fallen more than 50 percent since mid-2014, eroding cash flows of oil producers and crimping their ability to meet debt and interest payments.

As of Dec. 14, 114 oil and gas producers had filed for bankruptcy in 2016 with $57 billion in total debt, more than double the number of filings in 2015, according to Haynes & Boone, a law firm that specializes in energy restructuring.

Among companies like Forbes that provide well-site services to energy exploration firms, 110 had filed for Chapter 11 protection with $17 billion of debt as of Dec. 14, also more than double the 2015 number, according to Haynes & Boone.

Looking ahead to next year, restructuring advisers said they expect more energy-related bankruptcy filings, as the sector prepares for an upturn that could follow implementation of President-elect Donald Trump’s pro-drilling agenda or OPEC’s plan to cut oil production for the first time in eight years.

Denver-based Bonanza Creek, with oil and natural gas assets in Colorado and Arkansas, said it would file for bankruptcy on or before Jan. 5 with a plan to eliminate $850 million in debt and provide $200 million in new equity.

The company said it expects to exit bankruptcy in the first quarter of 2017. Bonanza Creek’s shares slid 55 percent to $0.88 in morning trade.

Memorial Production, with oil and gas assets in Texas, Louisiana, Colorado and California, said it would file for Chapter 11 in coming weeks with a plan to eliminate $1.3 billion of debt. Its shares were down 55 percent to $0.18.

Meanwhile, Forbes Energy said it had reached a prepackaged plan with lenders and would file for bankruptcy in Houston on or before Jan. 23, 2017. Its shares lost 6.3 percent to $0.04 in over-the-counter trading on Friday.

Earlier this month, Stone Energy Corp SGY.N filed for Chapter 11 bankruptcy and said it would eliminate about $1.2 billion in debt by transferring control of the company to its noteholders. </s> Dec 23 (Reuters) - Oil and gas producer Bonanza Creek Energy said it would file for bankruptcy on or before Jan. 5, joining a long list of energy companies that have succumbed to a drop in oil prices.

The Denver-based company said bondholders would eliminate $850 million in debt and that some would provide $200 million in new equity.

Bonanza Creek's shares were down 47.5 percent at $1.01 before the opening bell on Friday.

Global oil prices have fallen more than 50 percent since mid-2014, eroding cash flows of oil producers and crimping their ability to meet debt and interest payments.

Earlier this month, Stone Energy Corp filed for Chapter 11 bankruptcy and said it would eliminate about $1.2 billion in debt by transferring control of the company to its noteholders. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Ted Kerr)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter. </s> PG&E Corp. filed for bankruptcy protection on Tuesday as it struggles with billions of dollars in potential liabilities from its role in sparking California wildfires, triggering one of the most complex corporate reorganization cases in years.

California's largest utility, which provides natural gas and electric service to 16 million people, sought protection under chapter 11 of the bankruptcy code. The process to restructure its debts is expected to be protracted, involving state and federal regulators, with wide-ranging implications for utility customers, fire victims, shareholders and wholesale power providers.

PG&E telegraphed earlier this month that it planned to file for bankruptcy, complying with a recently enacted state law that requires it to provide a 15-day notice before taking that step.

The company said earlier this month that it faces about 750 complaints on behalf of at least 5,600 fire victims who allege damages caused by PG&E equipment, and estimated that its fire-related liabilities could ultimately exceed $30 billion.

Write to Katherine Blunt at Katherine.Blunt@wsj.com and Russell Gold at russell.gold@wsj.com </s> PG&E Corp. filed for bankruptcy protection on Tuesday as it struggles with billions of dollars in potential liabilities from its role in sparking California wildfires, triggering one of the most complex corporate reorganization cases in years.

California’s largest utility, which provides natural gas and electric service to 16 million people, sought protection under chapter 11 of the bankruptcy code. The process to restructure its debts is expected to be protracted, involving state and federal regulators, with wide-ranging... </s> FILE PHOTO: A PG&E; truck carrying an American Flag drives past PG&E; repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage

(Reuters) - PG&E; Corp was unable to reach a deal with NextEra Energy Inc and other companies with which it has billions of dollars in power contracts in a jurisdictional dispute over the bankrupt utility’s ability to walk away from or amend those agreements, according to court documents.

The matter will now be decided by the judge overseeing PG&E;’s bankruptcy “in the coming weeks,” according to the documents filed in U.S. Bankruptcy Court on Friday.

At issue is whether the bankruptcy court or the Federal Energy Regulatory Commission has jurisdiction over the power purchase contracts, which are worth up to $42 billion.

San Francisco-based PG&E; wants the matter resolved in bankruptcy court, while NextEra and others want FERC involved. FERC has said it has “concurrent jurisdiction” with the bankruptcy court in such matters.

The contracts have emerged as one of the most contentious issues in PG&E;’s bankruptcy, which the company launched in January in the face of tens of billions of dollars in potential liability stemming from wildfires in California in recent years that may be traced to its equipment.

The question of what will happen to the power contracts is critical for California’s goal to source 60% of its power from sources of renewable energy by 2030. Most of the power contracts in question are for solar or wind resources to fulfill the state mandate.

“PG&E; recognizes its important role in supporting the state’s commitment to clean energy initiatives and remains committed to continuing to help California achieve its bold clean energy goals,” the company said in an emailed statement.

“We appreciate the concerns from stakeholders across the state concerning the impact that Chapter 11 filing could have on the state’s clean energy progress. PG&E; has made no decisions as to whether to assume or reject contracts as part of filing for Chapter 11.”

Officials from NextEra were not immediately available for comment.Last month, U.S. Bankruptcy Judge Dennis Montali urged the companies and PG&E; to try to reach an agreement by a May 3 deadline. In the court papers made public on Friday, they said they were unable to reach an agreement. </s> SAN FRANCISCO — The Latest on PG&E bankruptcy filing (all times local):

The largest utility in the U.S. has filed for bankruptcy as it faces billions of dollars in potential damages from wildfires in California.

Pacific Gas & Electric Corp. filed documents in a U.S. court Tuesday seeking Chapter 11 reorganization. The move comes despite state investigators determining last week that the utility's equipment was not to blame for a 2017 fire that killed 22 people in Northern California wine country.

The company cited hundreds of lawsuits from victims of that blaze and others in 2017 and 2018 when it announced this month that it planned to file for bankruptcy.

It's already facing lawsuits over a November blaze in the town of Paradise that killed at least 86 people and destroyed 15,000 homes, though its cause is still under investigation.

California regulators are poised to remove a major hurdle to a planned bankruptcy filing by Pacific Gas & Electric Co.

The California Public Utilities Commission voted unanimously Monday at a hastily announced meeting to allow PG&E to immediately obtain credit and loans while it's under Chapter 11. PG&E normally needs to go through a lengthy approval process for such financing. Monday's decision exempted it from that requirement.

PG&E announced earlier this month that it will file for bankruptcy in the face of billions of dollars in potential damages from catastrophic wildfires in California in 2017 and 2018.

The company later said it had lined up $5.5 billion in credit and loans that would allow it to continue operating in bankruptcy.

California regulators are poised for a bankruptcy declaration by the nation's largest utility as it faces billions of dollars in potential damages from wildfires in the state.

Pacific Gas and Electric Corp. had said the decision could come Tuesday. The California Public Utilities Commission scrambled ahead of the deadline to ensure PG&E would have financing that the company says it would need to continue providing electric and gas service under Chapter 11.

The four members of the commission voted unanimously Monday at a raucous, hastily announced meeting to exempt PG&E from a longer approval process for bankruptcy credit and loans.

The decision cleared a major obstacle to the company's planned bankruptcy filing, but also likely set off a yearslong court battle. </s> Home Region Americas Erin Energy files for chapter 11 bankruptcy protection April 27th, 2018 Donal Scully Americas, Offshore

Houston-based Erin Energy Corporation, which mainly focuses on offshore oil developments in Africa, has filed for Chapter 11 bankruptcy protection.

Under the filing, made in the Southern District of Texas, Houston Division, Erin and some of its subsidiaries are asking the court to approve a reorganization plan as it seeks to restructure its debt.

Erin and the subsidiaries will continue to operate under the jurisdiction of the court.

Court documents show the company listing assets of nearly $247.54 million and total debts exceeding $628.72 million.

Erin has exploration licences for offshore Nigeria, Ghana, Gambia and Kenya but the oil sector in Africa has been struggling. </s> (Reuters) - PG&E Corp was unable to reach a deal with NextEra Energy Inc and other companies with which it has billions of dollars in power contracts in a jurisdictional dispute over the bankrupt utility’s ability to walk away from or amend those agreements, according to court documents.

The matter will now be decided by the judge overseeing PG&E’s bankruptcy “in the coming weeks,” according to the documents filed in U.S. Bankruptcy Court on Friday.

Officials from PG&E and NextEra were not immediately available for comment.

At issue is whether the bankruptcy court or the Federal Energy Regulatory Commission has jurisdiction over the power purchase contracts, which are worth up to $42 billion.

San Francisco-headquartered PG&E wants the matter resolved in bankruptcy court, while NextEra and others want FERC involved. FERC has said it has “concurrent jurisdiction” with the bankruptcy court in such matters.

The contracts have emerged as one of the most contentious issues in PG&E’s bankruptcy, which the company launched in January in the face of tens of billions of dollars in potential liability stemming from wildfires in California in recent years that may be traced to its equipment.

The question of what will happen to the power contracts is critical for California’s goal to source 60 percent of its power from sources of renewable energy by 2030. Most of the power contracts in question are for solar or wind resources to fulfill the state mandate.

Last month, U.S. Bankruptcy Judge Dennis Montali urged the companies and PG&E to try to reach an agreement by a May 3 deadline. In the court papers made public on Friday, they said they were unable to reach an agreement. </s> Power provider PG&E Corp filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018.

REUTERS: Power provider PG&E Corp filed for voluntary Chapter 11 bankruptcy protection on Tuesday, succumbing to liabilities stemming from wildfires in Northern California in 2017 and 2018.

The owner of the biggest U.S. power utility has filed a motion seeking court approval for a US$5.5 billion debtor-in-possession financing, it said in a statement.

"Throughout this process, we are fully committed to enhancing our wildfire safety efforts, as well as helping restoration and rebuilding efforts across the communities impacted by the devastating Northern California wildfires," PG&E interim Chief Executive Officer John Simon said.

The company said it intends to pay suppliers in full under normal terms for goods and services provided on or after the date of the Chapter 11 filing.

Separately, PG&E shareholder BlueMountain Capital Management LLC said it was "deeply disappointed" that the company's board ignored calls from multiple parties to abandon its "reckless and irresponsible plan to file for bankruptcy."

The investment firm said it would propose a slate of board directors no later than Feb. 21, and urged all PG&E stakeholders to support change at the company.

PG&E, which had a debt burden of more than US$18 billion, said earlier this month it would need to pursue a court-supervised reorganization in the aftermath of the blazes, including November's so-called Camp Fire.

The Camp Fire broke out on the morning of Nov. 8 near the mountain community of Paradise, sweeping through the town and killing at least 86 people, in the deadliest and most destructive wildfire in state history.

Reinsurance company Munich Re termed the Camp Fire as the world's most expensive natural disaster of 2018 and earlier this month pegged the overall losses from it at US$16.5 billion.

PG&E, which filed for bankruptcy once before in 2001, warned in November it could face "significant liability" in excess of its insurance coverage if its equipment was found to have caused the Camp Fire and other destructive wildfires.

Earlier this month, a state fire agency said PG&E equipment was not to blame for a 2017 wildfire in California's wine country, but the company faces dozens of lawsuits from owners of homes and businesses that burned during that and other 2017 fires.

The San Francisco-based company provides electricity and natural gas to more than six million customers in Northern California. Last year, lawmakers gave it permission to raise rates to cover wildfire losses from 2017. But elected officials this month showed little appetite for new rate hikes or other maneuvers to prevent a bankruptcy filing.

The bankruptcy petition was filed in the U.S. Bankruptcy Court for the Northern District of California.
Bonanza Creek Energy says it plans to file for bankruptcy on or by January 5, 2017 and hopes to exit the process quickly, within the first quarter.