Crashing crude oil prices this year have wrecked the finances of most oil and gas companies. Some have experienced such financial hardship that they’ve had to declare bankruptcy. The longer oil prices remain lower, the more this list is likely to grow.
Investors need to brace themselves for more turbulence ahead in the sector. Several notable companies are likely to declare bankruptcy over the next few months, which could cause significant volatility in the oil market.
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A growing gusher of bankruptcy filings
More than 400 companies in the oil and gas industry have already declared bankruptcy this year, according to Bankrupcydata.com. That’s the fifth highest total. While most of those seeking to restructur…
Read the full article at: https://www.fool.com/investing/2020/06/24/the-oil-industry-bankruptcy-wave-has-only-just-beg.aspx
