Bankruptcy filings by North American exploration and production (E&P) firms declined dramatically in 2021 versus 2020, so much so that Haynes and Boone LLP is calling an end to the bankruptcy cycle that began during the 2015 oil market downturn.

e&p bankruptcy chart

The law firm has been tracking these filings ever since, via its Oil Patch Bankruptcy Monitor report.

The latest report, updated on Jan. 31, found that aggregate debt by producers filing for bankruptcy in 2021 totaled $2.1 billion, the lowest yearly amount since Haynes Boone began keeping track. The highest yearly total was $56.8 billion, recorded in 2016.

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