North America: Oil and Gas Company Bankruptcy Rapidly Increases
Americas
February 13, 2020
North America: Oil and gas companies
The operating environment of North American oil and gas companies is deteriorating.
United States Bankruptcy Code Article 11:
The number of applications under Article 11 of the US Bankruptcy Code is:
24 cases in 2017,
28 cases in 2018,
The number jumped to 42 in 2019.
Law Firm: Haynes & Boone Investigation
Oil prices plummeted in late 2018.
Since then, an increasing number of independent exploration and production (E & P) companies have been stalled by financing and forced to go bankrupt.
Between 2015 and 2019, E & P companies have filed a total of 208 Federal Bankruptcy Laws / Applications with total debt of $ 121.7 billion.
Bankruptcy by state: Since 2015
Texas has the largest number of oil and gas development companies, with 94 cases,
11 in Louisiana,
11 in Colorado,
New York has 10 cases.
In Canada, there have been 18 bankruptcies since 2015.
By company:
Texas Independent / EP Energy, headquartered in Houston, Texas, had the largest debt of $ 7.3 billion in 2019.
EP Energy:
Shale’s oil and gas development business in Texas (Eagleford and Permian) and Utah (Altamont Feel).
-JETRO
https://www.jetro.go.jp/biznews/2020/02/659419a866bcdc40.html
HAYNES AND BOONE, LLP
OIL PATCH BANKRUPTCY MONITOR January 17, 2020
https://www.haynesboone.com/-/media/Files/Energy_Bankruptcy_Reports/Oil_Patch_Bankruptcy_Monitor
US Shale Player EP Energy Files For Bankruptcy | Hart Energy
https://www.hartenergy.com/exclusives/us-shale-player-ep-energy-files-bankruptcy-183234?amp