After the Drop: A Briefing on the U.S. Oil Industry

Past Event - Video Available | May.18.2016 | 1pm - 3pm (GMT Standard Time)

Orrick London

The US shale business cycle is extremely fast compared to deep sea exploration in the North Sea and elsewhere. US oil producers have responded with great speed to the steep oil price declines of the past 18 months. Production, investment and rig counts are down. Bankruptcies, defaults and distressed debt exchanges are now on going. With the oil price having recovered by 50% since its January lows we ask, where next for the US oil industry and its investors?

We are pleased to be joined in our London office by a leading US-based Deloitte restructuring professional, and our new Houston partners to share their perspective. The panel will address operational changes in the industry, distressed investment opportunities, and the issues arising from a raft of debt defaults.

Moderated by Stephen Phillips, Co-Head of Orrick's European Restructuring Group, our panel will comprise John Little, Dallas-based Deloitte Restructuring Advisory Leader, Orrick's Global Head of Restructuring Raniero D'Aversa and our Houston partners Jonathan Ayre and David Ronn.




  • Finance Sector
  • Restructuring
  • Mergers & Acquisitions

Raniero D'Aversa Partner Restructuring, Mergers & Acquisitions

New York

Raniero D’Aversa is chair of Orrick’s Restructuring group. He is a market-leading practitioner in bankruptcies, out-of-court restructurings and creditors’ rights controversies and brings years of experience representing DIP lenders, secured lenders, bank groups and hedge funds in those capacities.

Ron is the designated restructuring counsel to many leading financial institutions such as The Royal Bank of Scotland, Bank of America, Citibank, Commerzbank, Toronto-Dominion Bank and The Bank of Nova Scotia. He has represented clients in bankruptcies, workouts, DIP loans, distressed debt transactions, bankruptcy litigation, derivatives and distressed acquisitions. Ron has represented interests of financial institutions and investors in such restructuring and bankruptcy cases as Ocean Rig, Seadrill, CHC Helicopter, Erickson, Indiana Toll Road, Pocahontas Parkway, Eagle Bulk, Spyglass Films, American Airlines, Republic Airlines, Chemtura Corporation, Quebecor, AbitibiBowater, North Las Vegas, Ritchie Risk-Linked Strategies, Star Diamond, Lehman and Mesa Airlines.

In the Restructuring (Including Bankruptcy): Corporate category of The Legal 500 US 2021 directory, Ron’s clients praise his “practical and strategic approach.” Another noted, “Each time I discuss an issue with [him], I am both amazed at his ability to understand my concerns and his complete knowledge of the subject. He puts me at ease and there is never a time that I cannot reach him.” Regarded as a leader in financial restructurings by clients and peers alike, Ron understands every phase of a bankruptcy and restructuring matter and knows how to effectively position a client to control opposition and maximize results.



  • Energy & Infrastructure Sector
  • Energy
  • Renewable Energy
  • Oil & Gas
  • Structured Finance
  • Mergers & Acquisitions
  • Restructuring

Jonathan Ayre Partner Energy, Renewable Energy


Jonathan Ayre represents clients across the energy spectrum including oil and gas, renewable power, and chemical industry companies and their investors in acquisitions, divestitures, joint ventures, project development, financing and restructuring transactions. 

Jonathan has significant experience representing companies driving the energy transition, including representing project developers in connection with solar module purchase agreements, transformer purchase agreements, engineering, procurement and construction agreements, and operation and maintenance agreements.  Jonathan's recent experience in oil and gas matters includes first-of-a-kind, innovative transactions representing note purchasers on securitizations of operated and non-operated oil and gas wellbore working interests.

Chambers USA has reported, "He knows the industry very well and takes a commercial approach to help resolve differences with the counterparty. He has a good bedside manner and cooperates well with others,” and ”He's very resourceful and he approaches the oil and gas and corporate sector with a true business sense."  Jonathan also was recognized in 2020 by Law 360 as an Energy Rising Star. 

Jonathan serves as Orrick's Recruiting Liaison to The University of Texas School of Law and in that role leads Orrick's Energy and Infrastructure Law 1L Fellowship Program. He is actively involved as an Advisory Board member of the Institute for Energy Law, co-chairing the Transactional Module of the 2021 Institute for Energy Law's 72nd Annual Oil and Gas Law Conference and the 2019 and 2020 Institute for Energy Law Young Energy Professional's Conferences. He also is an officer on the organization's Transactions and Compliance Committee.

Jonathan is an active supporter of the Houston Symphony, serving on the Houston Symphony Society's Board of Trustees and serving with his wife Ann Ayre as the chairs of the 2021 Houston Symphony's Wine Dinner and Collector's Auction.