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    Home > Organic Chemistry Topics > Organic Chemistry Project > The U.S. oil industry’s bankruptcy is getting worse and bankrupt companies have risen to 59

    The U.S. oil industry’s bankruptcy is getting worse and bankrupt companies have risen to 59

    • Last Update: 2022-02-27
    • Source: Internet
    • Author: User
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    The current fall in crude oil prices has further fermented the impact of US energy companies, and is gradually evolving into one of the largest avalanches in the history of US companies
    .
    After Midstates Petroleum and Ultra Petroleum filed for creditor protection this week, 59 oil and gas companies have gone bankrupt in the United States
    .
    It is worth noting that the current number of bankrupt energy companies in the United States is close to the 68 in 2002 and 2003 during the most severe period of the telecommunication company bankruptcy
    .
    Charles Gibbs, a restructuring partner at Texas Akin Gump, said, "Half of the bankruptcy in the U.
    S.
    oil industry has not passed.
    In the first quarter of this year, 15 oil and gas companies filed for bankruptcy
    .
    " He expects the second quarter.
    Will see more bankruptcy filings than in the first quarter
    .
    ???? Some oil producers seem to be struggling to support, hoping that crude oil prices can stabilize at a higher level
    .
    In February of this year, oil prices fell from a high of US$100 per barrel nearly two years ago to a multi-year low of US$27 per barrel, but then rebounded from this low by more than 70%, with a cumulative increase of 20% during the year
    .
    U.
    S.
    crude oil quotes were slightly below $44 a barrel on Tuesday
    .
    In fact, until recently, the banking industry has always been willing to provide leeway for borrowers in the shale oil industry, but recently some banks have tightened their wallets
    .
    In addition, due to valuation difficulties caused by oil price fluctuations and buyers' unwillingness to take up debts before the target company exits the bankruptcy proceedings, the shale oil industry has not yet truly seen the generally expected wave of mergers and acquisitions
    .
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