Oil Patch Bankruptcies Total $13.1 Billion So Far This Year

Oil patch bankruptcies

There have been 36 North American oil and gas producers that have commenced Chapter 11 bankruptcy proceedings so far this year, according to law firm Haynes and Boone LP’s inaugural Oil Patch Bankruptcy Monitor.

These 36 firms have collapsed owning a total of $7 billion secured and $6.1 billion unsecured debt to creditors. The total loss to creditors is an estimated $13.1 billion. 16 of this year’s bankruptcies were filed in Texas, with another six in Canada, four each in Delaware and Colorado and the rest in Louisiana, Alaska, Massachusetts and New York.

KKR’s Samson Resources, Sabine Oil & Gas and Quicksilver Resources are the three largest oil patch bankruptcy cases to take place so far this year...