Will bankruptcies grow with oil and gas slowdown?

While oil and gas exploration reaches a near stall across Oklahoma and the rest of the country, bankruptcies are being monitored.  Those that have happened and those that are about to happen.

Some Oklahoma companies are mentioned as possible bankrupt cases, including some major firms, but so far in 2020, they have yet to happen.

Haynes and Boone law firm, headquartered in Dallas, Texas reports nearly 200 bankruptcies of energy companies have been filed since 2015 with combined debt of more than $66 billion.

Over the period 2015-2019, at least six of those bankruptcies were in Oklahoma while 102 were in Texas, 20 in Louisiana and five in Colorado.

The aggregate debt was $98,872,979 in Oklahoma but a massive $26,954,352,640 in Texas.

Four filings occurred last year in Oklahoma and the largest was Longhorn Service Co. with more than $17 million in debt. The filing was in October 2019.

Two bankruptcies were filed in November 2019 in Oklahoma including Cowboy Pumping Unit Sales and Repair LLC with $498,000 in debts and P.P.S. Trucking LLC with $515,000 in debts.

The last bankruptcy filing in Oklahoma was Dec. 31, 2019 by Platinum Oilfield Services, Inc. which listed $3,345 in debt.

Source: Haynes and Boone 

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