Oil and gas company bankruptcies as of June 30, 2016 have reached more than $61 billion in debt, according to an update from the bankruptcy law firm of Haynes and Boones in Texas and its Oil Patch Bankruptcy Monitor.
The count still stands at 85 bankrupt North American oil and gas producers since early 2015 and includes two bankruptcy filings in Oklahoma with $138,654,484 in debts. They include Osage Exploration and Development which filed in February with more than $39 million in debts and Postrock Energy Corporation with $99 million listed debts in its April 1 filing.
Oklahoma City based Chaparral Energy filed in Delaware on May 9 and listed $1.8 billion in debts.
Of the 84 bankruptcy filings, Texas has 43 with debts totaling $29,016,000,000. The 15 filings in Delaware total more than $15 billion in debts.
But the law firm said 43 producers had filed bankruptcy so far this year, representing $44 billion in cumulative secured and unsecured debt.
“Despite the modest recovery in energy prices, all indications suggest many more producer bankruptcy filings will occur during 2016,”stated the law firm’s website.
June brought less activity than April and May, both in terms of the number of E&P filings and cumulative debt. During the month of June, four E&P companies filed bankruptcy with cumulative debt of approximately $1.5 billion. In contrast, 11 E&P companies filed bankruptcy in April and 12 filed in May, with cumulative debt of $14.7 billion and $25.6 billion respectively. Texas bankruptcy courts remain at the top of the venue leaderboard, both in terms of the number of E&P filings and cumulative debt. Forty-three E&P bankruptcies have been filed in Texas, representing approximately $29 billion in cumulative secured and unsecured debt.