Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP.

The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production (E&P) sector since 2015.

Although U.S. oil prices have recovered to the $40 range since briefly plunging negative in April, “the relatively flat price curve for future periods may not be a sufficient clearing price for many heavily leveraged producers,” the report’s authors said, adding, “this latest downturn not only affects smaller recently hatched shale producers, but July saw two of the largest filings involve well...