Massive surge in US oil bankruptcies over second quarter

THE SECOND quarter of 2020 saw a surge in bankruptcies from the US onshore and offshore energy sector, with nearly US$39 billion of debt brought before Houston’s bankruptcy court – more than triple the amount in the first quarter.

Massive surge in US oil bankruptcies over second quarter Massive surge in US oil bankruptcies over second quarter Massive surge in US oil bankruptcies over second quarter Massive surge in US oil bankruptcies over second quarter Massive surge in US oil bankruptcies over second quarter

 

The collapse in oil prices, the softer gas market, and an oversupply of oil due to the COVID-19 pandemic which restricted travel and movement, has dealt a US$50.

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