Summary
SEMGroup LP, one of the largest buyers of crude oil from the Williston Basin, filed for Chapter 11 bankruptcy protection in Delaware on June 22, and the aftermath is hitting oil and gas, propane and asphalt companies across the West. SEMGroup has dozens of subsidiaries dealing in crude oil, natural gas, propane, refined petroleum products and asphalt in the U.S., Canada, Mexico, Wales, Switzerland and Vietnam.
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Extract
Oil Buyer's Bankruptcy Puts Many in Big Bind
The recent bankruptcy of a Tulsa, Okla, energy trading company that lost more than $2.4 billion speculating on crude-oil prices has forced the shutdown of some oil wells in the Williston Basin of Montana and North Dakota.
SEMGroup LP, one of the largest buyers of crude oil from the W...See the full content of this document
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