Oil Patch Bankruptcies Hit $17.4 Billion

Rupert Hargreaves

Published onMarch 23, 2016

Updated on May 13, 2021

Oil Patch Bankruptcies Hit $17.4 Billion

Nine North American oil and gas producers have commenced Chapter 11 bankruptcy proceedings so far this year, (to March 7) according to law firm Haynes and Boone LP’s Oil Patch Bankruptcy Monitor.

These nine oil patch bankruptcies take the total number of North American oil and gas producers that have filed for bankruptcy since the beginning of 2015 to 51. These bankruptcies, including Chapter 7, Chapter 11, Chapter 15, and Canadian cases, involve approximately $17.39 billion in cumulative secured and unsecured debt. The total number of bankruptcies and total owed to creditors has risen sharply from November last year. Indeed, when the Oil Patch Bankruptcy Monitor was put together back in November, a total of...

Login required to continue reading.

Setup a free account to get access to this article (no credit card required).

View Full Article

Already a member? Log in here

Rupert Hargreaves

Sign up now and get our in-depth FREE e-books on famous investors like Klarman, Dalio, Schloss, Munger Rupert is a committed value investor and regularly writes and invests following the principles set out by Benjamin Graham. He is the editor and co-owner of Hidden Value Stocks, a quarterly investment newsletter aimed at institutional investors. Rupert owns shares in Berkshire Hathaway. Rupert holds qualifications from the Chartered Institute For Securities & Investment and the CFA Society of the UK. Rupert covers everything value investing for Hedge Fund Alpha

Oil Patch Bankruptcies Hit $17.4 Billion

Login required to continue reading.

Get Your Business News