Bankruptcy has been a word that has made denizens of the oil patch cringe in the last year and half. As oil price has declined, bankruptcies have stacked up. Fortunately for those following oil and gas companies, the ladies and gentlemen at Haynes and Boone have kept up to speed on the goings-on in the oil patch, and in the bankruptcy court.
Haynes and Boone released the latest version of the Oil Patch Bankruptcy Monitor, with data on E&P companies updated as of August 1, 2016.
Highlights include:
- 90 E&P companies have filed for Chapter 11 protection since the beginning of 2015.
- 44 of them were incorporated in Texas, the largest amount of any state.
- Total debt defaulted is $66.5 billion, $26.5 billion in secured debt, and $40.0 billion in unsecured debt.
In addition to the Oil Patch Bankruptcy Monitor, Haynes and Boone also released the Oilfield Services Bankruptcy Monitor. The monitor shows 80 oilfield service companies have declared bankruptcy with a total default of $13.5 billion.
