Report: Bankrupt Oil and Gas Producers Number 215 Since 2015

More than 215 oil and gas producers have filed for bankruptcy over the last five years involving more than $129 billion in debt, according to a report released Tuesday by Haynes and Boone.

In the first quarter, there were seven bankruptcies in the upstream sector versus nine in the fourth quarter and five in the same period last year. But with oil prices falling since January from $63 per barrel to below $20 in March, “lower for longer” may be the watchword for producers as well as their creditors, the firm said.