The number of oil company bankruptcies rose 50per cent in 2019 over the previous year, as a slide in prices continued to shake producers in the United States and Canada, Dallas law firm Haynes and Boone said in a report released on Wednesday.
U.S. and Canadian oil and natural gas exploration and production company bankruptcies totaled 42 in 2019, up from 28 in 2018, the law firm said."Following a steep drop in oil prices in the fourth quarter of 2018, there was a sharp increase in the number of filings in 2019," the report said.
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