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Drillers and other companies that service the Canadian oil and gas industry are facing a “wall of debt” that poses major risks to their books during a prolonged period of low commodity prices, a new report warns.

Companies with sagging debt loads have struggled to keep up with interest payments throughout the rout, leading to a steady pace of bankruptcies that has not abated, according to the report by AltaCorp Capital Inc.

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A lot of companies today don’t have free cash flow sufficient to pay down or reduce debt

“It’s going to sneak up on people faster than you think,” said analyst Aaron MacNeil, who wrote the report. “A lot of companies today don’t have free cash flow sufficient to pay down or reduce debt.”

Oilfield services companies provide critical roles in the oil and gas industry, from drilling and fracking to well site consulting and specialized trucking.

According to the Texas law firm Haynes and Boone LLP, 109 oilfield service companies across North America have declared bankruptcy with a total debt of more than $18 billion since the beginning of 2015.