Gulfport settles Chapter 11 dispute with Cheniere pipeline, revises contract

摘要

Gulfport Energy revised a gas transportation contract with Cheniere Energy’s Midship Pipeline and resolved a contentious $75.6 million letter of credit drawdown, according to bankruptcy court filings. The driller, which filed for Chapter 11 bankruptcy in November, will reduce the average volumes it ships on the 1.4 Bcf/d pipeline by over 100,000 Dt/d per the negotiated settlement approved Dec. 17 by the US Bankruptcy Court for the Southern District of Texas. The settlement will save Gulfport “approximately $122.8 million over the life of the contract, and will also result in the return ... of over $70 million in credit assurance that had been held by Midship,” a Dec. 15 filing detailing the proposed settlement said.