Hubris?
They have total of $15.75 B in debt as of Dec 31, 2015. Easy money had been pouring into the Energy sector as a result of Quantitative Easing. Now many of the oil companies are in trouble and scrambling to payback the loan.
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Because they thought the boom in domestic drilling and fracking would go on forever.
Money is still flowing in to the oil patch (Permian Basin) but at a slower rate. Kayne & Warburg are still funding gas wells in Colorado! They don't care if it gets paid back, investors lose, Oil co. goes bankrupt and the cycle starts over again! Easy come easy go.