Oil at $45 a Barrel Proving No Savior as Bankruptcies Pile Up
- Bankruptcies accelerated this year even as crude prices surged
- SandRidge Energy, Breitburn negotiating with creditors
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Three bankruptcies this week shows that $45 a barrel oil isn’t enough to rescue energy companies on the verge of collapse.
Since the start of 2015, 130 North American oil and gas producers and service companies have filed for bankruptcy owing almost $44 billion, according to law firm Haynes & Boone. The tally doesn’t include Chaparral Energy Inc., Penn Virginia Corp. and Linn Energy LLC, which filed for bankruptcy this week owing more than $11 billion combined.