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

New York

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 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
  • Oil & Gas
  • Renewable Energy
  • Structured Finance
  • Mergers & Acquisitions
  • Restructuring
  • Real Estate

Jonathan Ayre Partner


Jonathan's recent experience includes representing note purchasers in securitizations of operated and non-operated oil and gas wellbore working interests with an aggregate value exceeding $6 billion. In addition to representing the note purchasers on the initial securitization of non-operated working interests, he has closed the first transactions that included operated working interests, overriding royalty interests, portfolios of primarily BLM leases, portfolios including tribal lands, and midstream gathering systems, and the first joint 144A / 4(a)(2) offering. Jonathan also has significant experience representing companies driving the energy transition, including representing project developers in connection with engineering, procurement and construction agreements, solar module purchase agreements, transformer purchase agreements, and operation and maintenance agreements.

Chambers Global 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 is an active supporter of the Houston Symphony, serving as Chairman of the Houston Symphony's Finance Committee, as a Governing Director on the Houston Symphony Society's Board of Trustees, and as chair of the 2021 Houston Symphony's Wine Dinner and Collector's Auction. He serves as a member of the Steering Committee of the Houston Men of Distinction Annual Awards Luncheon, an organization that recognizes Houston men who have distinguished themselves through excellence in community achievement, thereby providing support in superior biomedical research, education, and patient care in the Texas Medical Center.