A new report shows that oil and gas bankruptcies were again on the rise in 2019. That trend looks likely to continue this year
. These reports cover North American oil and gas producers, oilfield services and midstream bankruptcies from the beginning of 2015 through 2019.
There was an initial wave of more than 100 bankruptcy filings in 2015 and 2016 as the oil price crash pushed some companies to the breaking point. As oil prices recovered somewhat after 2016, the number of filings declined to 24 in 2017 and 28 in 2018. Of the 208 bankruptcy filings, Texas led the list with 94. Colorado and Louisiana were far behind Texas with 11 filings each, while New York was in fourth place with 10. Canada overall had 18 oil and gas producer bankruptcy filings.
Midstream wasn’t entirely spared, but the firm reports that there were only 28 midstream companies that have filed Chapter 11 bankruptcy in the United States since 2015, involving approximately $21.6 billion in cumulative secured and unsecured debt .
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices likely to 'stay down' for months: Energy analysts fear impact of fast-spreading coronavirusOil prices slumped to multi-month lows on Monday, with traders concerned about demand growth as the coronavirus spreads globally.
Read more »
'A true black swan' — stocks and oil slump as Wuhan coronavirus hammers markets - Business InsiderThe deadly virus has infected more than 2,700 people, killed 80, and spread to at least a dozen countries.
Read more »
Saudi Arabia says watching oil market closely regarding China virusSaudi Arabia is closely monitoring developments in global oil markets resulting ...
Read more »
Oman says supports Saudi readiness to react to virus impact on oil marketOman's energy minister Mohammed bin Hamad al-Rumhy told Reuters on Monday h...
Read more »
Oil, equities hit by fears over economic impact of deadly virusAs the death toll from the Chinese epidemic jumped to 80 with those affected worldwide approaching 3,000, analysts say there are growing fears the crisis could become as bad as the SARS outbreak that hammered Asian markets in 2003.
Read more »
Oil prices skid 2%, extending slide as China virus spreadsOil prices slumped a further 2% to multi-month lows on Monday as the rising numb...
Read more »