Record-low oil prices continue to take their toll on the energy industry where oil-field service companies are leading a flurry of new bankruptcy filings this year, data from the law firm Haynes & Boone show.

Eight oil-field service companies with a combined $10.9 billion of debt filed for Chapter 11 bankruptcy during the first quarter, an increase over six companies during the fourth quarter of 2019.

Houston oil-field service company McDermott International and San Antonio drilling rig operator Pioneer Energy Services were among the service companies that filed for bankruptcy during the first quarter.

Seven oil companies with a combined $7.7 billion of debt filed for Chapter 11 during the first quarter, a decrease from the nine that filed during the fourth quarter of 2019. Denver exploration and production company Whiting Petroleum was among the companies that filed.

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More Information Energy Company Bankruptcies

(First Quarter 2020) Kingfisher Stack Oil Pipeline

Mcdermott International, Inc

Harvey Ost Oilfield Services

Capstone Oilfield Disposal Services

Pioneer Energy Services Corp

Tri-Point Oil & Gas Production Systems

Carbo Ceramics Inc

Hos Wellmax Services

Bridgemark Corporation

Southland Royalty Company Llc

Dalf Energy

Sheridan Holding Company I

Echo Energy Partners I

Whiting Petroleum Company

Sklar Exploration Company

Maximum Elite Pipeline

Kingfisher Midstream Source: Haynes & Boone LLP

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Two pipeline operators filed for Chapter 11 during the first quarter, an increase from none during the fourth quarter. Midland-based Maximum Elite Pipeline and Oklahoma-based Kingfisher Midstream reported a combined $235 million of debt.

The report comes with crude oil prices at about $25 per barrel as a price war has exacerbated a global supply glut and the coronavirus crisis has slashed demand.

Most of the companies that filed for bankruptcy during the first quarter were already troubled before prices fell. But with most companies in the U.S. shale industry needing $50 per barrel or higher oil prices, industry observers are bracing for an increase of bankruptcy filings this year.

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