WTI $41.84 up 12 cents and more concerning for a lot of these guys, natural gas front futures 2.199 -0.077.
Oil Producer Bankruptcies Piling Up
It’s been a long year for oil and gas companies.Previously:
After trading at an average price of $92.91 a barrel in 2014, the U.S. oil benchmark has averaged around $50 a barrel this year. It dipped below $40 a barrel briefly this morning.
Thirty-six North American oil and gas producers filed Chapter 11 bankruptcies this year through Nov. 8, according to law firm Haynes and Boone LP.
The cases so far involve $13 billion in secured and unsecured debt, and “industry and economic indicators suggest more producer bankruptcy filings will occur before the year is out,” the law firm says.
Sixteen of this year’s bankruptcies were filed in Texas, with another six in Canada, four each in Delaware and Colorado and the rest in Louisiana, Alaska, Massachusetts and New York. The biggest, with $4.3 billion of secured and unsecured debt, was KKR & Co.’s Samson Resources Corp. in September. Earlier this week, a judge ruled that Samson’s resigning chief executive won’t be paid his bonus outright.
Even so, some investors argue that not enough U.S. oil producers have gone under to help shrink the glut of crude that is weighing on oil prices....MORE
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