Eight of North America’s oil and gas producers filed for bankruptcy during the first three months of this year, the highest quarterly total since 2016, according to Haynes and Boone LLC.

north american bankruptcies

The law firm, which has monitored North American producer Chapter 11 filings since 2015, on Thursday issued its latest report covering 1Q2021. It also issued an overview of bankruptcy activity in the oilfield services (OFS) and midstream sectors. 

“The aggregate debt for producers that filed in 1Q2021 is just over $1.8 billion, which is the second lowest first quarter total, after $1.6 billion in1Q2019,” the firm’s researchers noted. 

Texas, where the majority of U.S. energy operators are headquartered, accounted for one-half of all the filings by exploration and production (E&P)...