More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus pandemic plunged the energy sector into the worst downturn in a generation.
Forty-six exploration and production companies and 61 oil-field service companies filed for Chapter 11 bankruptcy last year, according to Haynes and Boone, a Dallas law firm tracking bankruptcies. The 107 oil and gas bankruptcies in 2020 were the most since 142 bankruptcies were filed during the last oil bust in 2016.
Since 2015, more than 500 bankruptcies have been filed in the North American oil and gas industry, Haynes and Boone said in its latest bankruptcy report published this month. In hindsight, 2020 stands out over this dismal period for the industry setting a number o…
Read the full article at: https://www.houstonchronicle.com/business/energy/article/More-than-100-oil-and-gas-companies-filed-for-15884538.php
