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Energy company bankruptcies plunge as oil prices rise

  • Tuesday, November 21, 2017
  • Posted By Meagan Wildfong

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Source: Fuel Fix | Collin Eaton | November 17, 2017

Twenty North American oil producers have gone bankrupt so far this year, less than a third of the number that went under last year, a new report shows.

 

The oil bust that forced more than 134 oil exploration and production companies into bankruptcy court has relented this year as crude prices climb above $50 a barrel. Oil bankruptcies surged in the first half of last year, when crude prices hit a dozen-year low of around $26 a barrel.

 

This year, the amount of debt involved in oil-producer bankruptcies reached $5.6 billion, compared to $56.8 billion in 2016, the worst year of the downturn, according to Haynes and Boone, a Dallas law firm that has tracked the oil industry's flurry of bankruptcies since early 2015.

 

To complete article, please visit the Fuel Fix here.

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