The North American oil and gas industry saw fewer bankruptcies in October with only three, according to the latest monthly Oil Patch Bankruptcy Monitor report published Tuesday by Haynes and Boone LLP.
However, despite seeing a slowdown, the industry hit an unwelcome milestone in October, recording its 250th bankruptcy filing since Thanksgiving 2014. Furthermore, more filings are expected before the end of the year, according to Natural Gas Intelligence.
Notable exploration and production companies that have filed for bankruptcy this year include Whiting Petroleum Corp., Chesapeake Energy Corp., California Resources Corp., Chaparral Energy Inc., Oasis Petroleum Inc. and most recently Gulfport Energy Corp. The first nine months of this year saw 40 bankruptcy filings by producers, versus 33 in the same period last year.
Learn more: Natural Gas Intelligence > North American E&P, OFS Bankruptcies Slow in October, but More Expected
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