Three more U.S. Oil Companies Declare Bankruptcy

Three more U.S. oil and gas companies have filed Chapter 11 for bankruptcy protection. Since the fall in oil prices the number of companies filing Chapter 11 has risen to 102. The three companies (unnamed in the report) have a combined debt of $367 million. Haynes and Boone’s Oil Patch Bankruptcy Monitor reports that in 2016 fifty-eight U.S. companies have filed for bankruptcy with a combined debt of $50.4 billion. Since 2014 the total industry bankruptcy filings are $67.8 billion. In recent months several companies have been able to restructure and emerge from the bankruptcy process, including Halcon Resources and Penn Virginia Corporation.