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 .
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