'Avalanche' of Oil & Gas Bankruptcy Filings Expected This Year
Attachment: Oil Bankruptcy 0420
SUGAR LAND--April 28, 2020--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--The extreme turbulence in crude oil prices will lead to an "avalanche" of bankruptcy filings this year, according to a partner at law firm Haynes and Boone LLP (Dallas, Texas). The shakeout this time will be worse than the mid-1980s crisis or the 2014-16 price collapse, Haynes and Boone's Patrick Hughes said in an interview. The Oil & Gas Industry, including oilfield services companies, could file up to 100 Chapter 11 cases in 2020, and the same or double that number could be worked out in non-bankruptcy restructurings.
Within this article: A look at where different players in the Oil & Gas Industry could be headed as COVID-19, the ongoing price war and other factors weigh on the energy market.