Extraction Oil & Gas, whose share price soared threefold during a frenzy of buying last week, declared bankruptcy late on Sunday, making the large US shale producer the latest victim of the worst oil-price crash in decades.
The Denver-based company filed for Chapter 11 protection as a 30-day grace period on a bond interest payment expired, leaving it in default.
Extraction is the second big US shale producer to go bankrupt during a crude price collapse triggered by soaring Saudi supply and the collapse in global energy demand prompted by the pandemic. Whiting Petroleum filed in early April.
After months of liability management and careful analysis of our strategic options, we determined that a voluntary Chapter 11 filing with key credi…
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