Oklahoma-based Murphy Energy Corp., which has a natural gas terminal in Port Hudson, Louisiana, has filed for Chapter 11 bankruptcy protection and plans to look for buyers, The Wall Street Journal reports.
The filing makes Murphy Energy the most recent energy company to seek bankruptcy protection since fuel prices plummeted.
The newspaper reports that Murphy Energy claims in court documents that it carries more than $75 million in debt, including an estimated $57 million to lenders led by Bank of America.
Lawyers who put Murphy Energy into bankruptcy proceedings say the company ran low on cash after completing the Port Hudson terminal.
Murphy Energy owes about $7 million to Oklahoma-based Mabrey Bank, which it borrowed in 2014 to built the Port Hudson project.
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