North American Oil Patch Bankruptcies Are Just Getting Started
At the beginning of May, I covered the latest edition of law firm Haynes and Boone LP’s May Oil Patch Bankruptcy Monitor, which showed that April was a bloodbath for struggling oil companies and their creditors. 18 North American oil and gas producers filed for Chapter 11 during April according to the report, listing $14.9 billion in debt, more than any other month since the beginning of 2015.
Oil Bankruptcies Hit $34.3 Billion
April was a bad month for the US oil and gas industry but May is currently looking like it could be even worse. Indeed, over the past few weeks Linn Energy, Penn Virginia, Breitburn Energy LP, and Halcon Resources have all announced...
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