The Texas law firm known for its handling of bankruptcies is out with its latest report on the cases. Haynes and Boone released its Oil Patch Bankruptcy Monitor this month showing 90 E&P companies filed for Chapter 11 protection since the beginning of 2015.
Forty-four of them were Texas companies and the total defaulted debt was $66.5 billion representing $26.5 billion in secured debt and $40.0 billion in unsecured debt.
It’s been not quite a month since the last oil and gas companies filed bankruptcy. They were the River Bend Geo Services LLC which filed in north Texas and the C & J Energy Services LTD, a firm that filed in south Texas. Both filed on the same day of July 20, 2016.
The filings by 83 oil and gas companies totaled $13,468,948,430. Of the two firms listed in Oklahoma, their debt totaled $138,654,484. However, Seventy Seven Energy filed for bankruptcy in Delaware and just emerged on Aug. 1.
