USD 65.9961

0

EUR 73.2227

0

BRENT 59.05

+0.36

AI-92 42.19

0

AI-95 45.95

-0.01

AI-98 51.74

+0.01

Diesel 45.78

-0.02

30

USA oil and gas bankruptcies rise above 90 as the crude downturn continues

The number of oil and gas companies filing for bankruptcy has reached 113 between Q4 2014 and Q2 2016 with the US leading with 93 bankruptcies.

USA oil and gas bankruptcies rise above 90 as the crude downturn continues USA oil and gas bankruptcies rise above 90 as the crude downturn continues


According to the new August-report 2016 by GlobalData, the number of oil and gas companies filing for bankruptcy has reached 113 between Q4 2014 and Q2 2016 with the US leading with 93 bankruptcies.

 

Titled Global Bankruptcy Filings by Oil and Gas Companies – Bankruptcy Filings Garner Momentum in 2016, the report states that Q2 2016 witnessed the highest number of bankruptcy filings at 30 followed by Q3 2015 (26) and Q1 2016 (21). Bankruptcy filings were the highest in May at 16 compared to the earlier figures in August 2015 (14) and April 2016 (11).

 

The US saw the most bankruptcy filings, followed by Canada and Norway, which witnessed 12 and five filings respectively. With 73 bankruptcy filings from Q4 2014 to Q2 2016, the upstream sector was the worst affected. The equipment and services sector saw a total of 19 filings during the same period.

 

The second quarter of 2016 saw companies with a total market capitalisation of $506m filing for bankruptcy, while this value was slightly lower in Q4 2015, at $489.9m. The GlobalData report reveals that the period from Q4 2014 to Q2 2016 has witnessed bankruptcy filings from companies that have a combined market capitalisation of $1.1bn.

With a market value of $477.2m, OW Bunker A/S is the leading company in terms of market capitalisation to file for bankruptcy during Q4 2014 to Q2 2016. The other top companies in this category are Ultra Petroleum Corp. ($265.4m) and Pacific Exploration & Production Corporation ($153.7m).

Source : Neftegaz.RU