Houston-based Sanchez Energy has filed for Chapter 11 bankruptcy as the company struggled with lower commodity price environment and production declines. "Over the last year, we have taken proactive steps to address the challenging oil and natural gas price environment, including stabilizing our production profile, improving our capital efficiency and reducing our overall cost structure," chief executive Tony Sanchez said in a statement. "Undergoing a financial restructuring through a voluntary process represents the next phase for Sanchez Energy, as we work with our creditors on a plan to right-size our balance sheet, further invest in our assets and generate long-term value for our stakeholders." Sanchez