Halcón Resources

Halcón Resources' August 2019 bankruptcy was the company's second in three years - it had emerged from Chapter 11 in 2016 only to return in 2019. CEO Floyd Wilson had previously built and sold Petrohawk Energy for $15 billion; his attempt to replicate success with Halcón failed when shale drilling economics deteriorated. The company's acreage in the Delaware Basin and Bakken wasn't productive enough at prevailing oil prices. Halcón demonstrated that past success doesn't guarantee future performance, and that some shale plays are fundamentally marginal.