Report: E&P Bankruptcies Up, Credit Expected to Tighten

After two years of fewer bankruptcies, the oil and gas exploration and production sector is seeing an uptick in filings due to pressured commodity prices, according to a report released Thursday by Dallas-based law firm Haynes and Boone.

So far this year, there has been an increase in Chapter 11 filings to 33, versus 22 around this time last year, with 27 occurring since the beginning of May and seven since the firm’s Aug. 12 report.