On June 14, 2020, Extraction voluntarily filed for relief under chapter 11 of the U.S. Bankruptcy Code. Prior to filing for chapter 11, Extraction reached an agreement with certain of our debt investors to retire a large portion of the Company’s debt in exchange for equity. On January 20, 2021, Extraction emerged from Chapter 11 bankruptcy.
Our restructuring process has successfully right-sized our debt relative to our asset value, and looking ahead, we are committed to living within our cash flow. Extraction is also positioned to generate outstanding returns through more strategic permitting – a slower, value-driven operational pace – and optimizing working interests in areas where it makes sense to do so. These new priorities, along with our unwavering commitment to safety, will be our focus going forward.
We are confident that these and other realignments will put us on a path to achieve the best success we’ve had as an organization.
