The number of North American oil and natural gas producers filing for bankruptcy protection continued to slow in December, but 2020 remains a standout in the six years that Haynes and Boone LLP has been tracking bankruptcy data.

The law firm’s latest Oil Patch Bankruptcy Monitor showed that since the oil and gas industry began contracting in late 2014, 2020 was the worst. Forty-six exploration and production (E&P) companies representing around $53 billion in total debt filed for bankruptcy protection last year. This is around 30% of the total debt represented in bankruptcy filings since 2015, the first year Haynes and Boone began tracking data.

“The aggregate debt (secured debt and unsecured debt) for North American oil and gas producers in 2020 was comparable to the record...